0000066004 2018-12-31 0000066004 us-gaap:PensionPlansDefinedBenefitMember 2018-12-31 0000066004 us-gaap:OtherPensionPlansDefinedBenefitMember 2018-12-31 0000066004 2019-12-31 0000066004 us-gaap:PensionPlansDefinedBenefitMember 2019-12-31 0000066004 us-gaap:OtherPensionPlansDefinedBenefitMember 2019-12-31 0000066004 2017-01-01 2017-12-31 0000066004 us-gaap:IntersegmentEliminationMember 2017-01-01 2017-12-31 0000066004 us-gaap:RegulatedOperationMember 2017-01-01 2017-12-31 0000066004 us-gaap:UnregulatedOperationMember 2017-01-01 2017-12-31 0000066004 2018-01-01 2018-12-31 0000066004 us-gaap:RegulatedOperationMember 2018-01-01 2018-12-31 0000066004 us-gaap:UnregulatedOperationMember 2018-01-01 2018-12-31 0000066004 us-gaap:IntersegmentEliminationMember 2018-01-01 2018-12-31 0000066004 2018-01-01 2018-03-31 0000066004 2018-04-01 2018-06-30 0000066004 2018-07-01 2018-09-30 0000066004 2018-10-01 2018-12-31 0000066004 2019-01-01 2019-12-31 0000066004 us-gaap:RegulatedOperationMember 2019-01-01 2019-12-31 0000066004 us-gaap:UnregulatedOperationMember 2019-01-01 2019-12-31 0000066004 us-gaap:IntersegmentEliminationMember 2019-01-01 2019-12-31 0000066004 2019-01-01 2019-03-31 0000066004 2019-04-01 2019-06-30 0000066004 2019-07-01 2019-09-30 0000066004 2019-10-01 2019-12-31 0000066004 us-gaap:CommonStockMember 2017-01-01 2017-12-31 0000066004 us-gaap:RetainedEarningsMember 2017-01-01 2017-12-31 0000066004 us-gaap:CommonStockMember 2018-01-01 2018-12-31 0000066004 us-gaap:RetainedEarningsMember 2018-01-01 2018-12-31 0000066004 us-gaap:CommonStockMember 2019-01-01 2019-12-31 0000066004 us-gaap:RetainedEarningsMember 2019-01-01 2019-12-31 0000066004 msex:NewJerseyInfrastructureBankThreeMember 2019-01-01 2019-12-31 0000066004 msex:FirstMortgageBondsMember 2019-01-01 2019-12-31 0000066004 msex:NewJerseyInfrastructureBankMember 2019-01-01 2019-12-31 0000066004 msex:NewJerseyInfrastructureBankMember 2019-12-31 0000066004 msex:SecuredDebt2Member 2019-12-31 0000066004 msex:SecuredDebt3Member 2019-12-31 0000066004 msex:StateRevolvingTrustNoteMember 2019-12-31 0000066004 msex:StateRevolvingTrustNote1Member 2019-12-31 0000066004 msex:StateRevolvingTrustNote9Member 2019-12-31 0000066004 msex:StateRevolvingTrustNote2Member 2019-12-31 0000066004 msex:StateRevolvingTrustNote3Member 2019-12-31 0000066004 msex:StateRevolvingTrustBond1Member 2019-12-31 0000066004 msex:StateRevolvingTrustNote4Member 2019-12-31 0000066004 msex:StateRevolvingTrustNote5Member 2019-12-31 0000066004 msex:StateRevolvingTrustNote6Member 2019-12-31 0000066004 msex:SecuredDebt4Member 2019-12-31 0000066004 msex:SecuredDebt5Member 2019-12-31 0000066004 msex:SecuredDebt6Member 2019-12-31 0000066004 msex:SecuredDebt7Member 2019-12-31 0000066004 msex:StateRevolvingTrustNote7Member 2019-12-31 0000066004 msex:StateRevolvingTrustNote8Member 2019-12-31 0000066004 msex:FirstMortgage3Member 2019-12-31 0000066004 msex:FirstMortgage5Member 2019-12-31 0000066004 msex:FirstMortgage8Member 2019-12-31 0000066004 msex:FirstMortgage10Member 2019-12-31 0000066004 msex:FirstMortgage12Member 2019-12-31 0000066004 msex:FirstMortgage14Member 2019-12-31 0000066004 msex:FirstMortgage16Member 2019-12-31 0000066004 msex:FirstMortgage18Member 2019-12-31 0000066004 msex:FirstMortgage20Member 2019-12-31 0000066004 msex:FirstMortgage21Member 2019-12-31 0000066004 msex:FirstMortgage22Member 2019-12-31 0000066004 msex:FirstMortgage23Member 2019-12-31 0000066004 msex:FirstMortgage25Member 2019-12-31 0000066004 msex:ConstructionLoanMember 2019-12-31 0000066004 msex:StateRevolvingTrustNote10Member 2019-12-31 0000066004 msex:NewConstructionLoansMember 2019-12-31 0000066004 msex:SecuredDebt7April2Member 2019-12-31 0000066004 msex:FirstMortgage27Member 2019-12-31 0000066004 srt:MinimumMember msex:StateRevolvingTrustBondMember 2019-12-31 0000066004 srt:MaximumMember msex:StateRevolvingTrustBondMember 2019-12-31 0000066004 srt:MinimumMember msex:FirstMortgage4Member 2019-12-31 0000066004 srt:MaximumMember msex:FirstMortgage4Member 2019-12-31 0000066004 srt:MinimumMember msex:FirstMortgage6Member 2019-12-31 0000066004 srt:MaximumMember msex:FirstMortgage6Member 2019-12-31 0000066004 srt:MinimumMember msex:FirstMortgage9Member 2019-12-31 0000066004 srt:MaximumMember msex:FirstMortgage9Member 2019-12-31 0000066004 srt:MinimumMember msex:FirstMortgage11Member 2019-12-31 0000066004 srt:MaximumMember msex:FirstMortgage11Member 2019-12-31 0000066004 srt:MinimumMember msex:FirstMortgage13Member 2019-12-31 0000066004 srt:MaximumMember msex:FirstMortgage13Member 2019-12-31 0000066004 srt:MinimumMember msex:FirstMortgage15Member 2019-12-31 0000066004 srt:MaximumMember msex:FirstMortgage15Member 2019-12-31 0000066004 srt:MinimumMember msex:FirstMortgage17Member 2019-12-31 0000066004 srt:MaximumMember msex:FirstMortgage17Member 2019-12-31 0000066004 srt:MinimumMember msex:FirstMortgage19Member 2019-12-31 0000066004 srt:MaximumMember msex:FirstMortgage19Member 2019-12-31 0000066004 srt:MinimumMember msex:FirstMortgage24Member 2019-12-31 0000066004 srt:MaximumMember msex:FirstMortgage24Member 2019-12-31 0000066004 srt:MinimumMember msex:FirstMortgage26Member 2019-12-31 0000066004 srt:MaximumMember msex:FirstMortgage26Member 2019-12-31 0000066004 srt:MinimumMember msex:FirstMortgage28Member 2019-12-31 0000066004 srt:MaximumMember msex:FirstMortgage28Member 2019-12-31 0000066004 msex:FirstMortgage29Member 2019-12-31 0000066004 srt:MinimumMember msex:FirstMortgage30Member 2019-12-31 0000066004 srt:MaximumMember msex:FirstMortgage30Member 2019-12-31 0000066004 srt:MinimumMember msex:FirstMortgagesThreeMember 2018-05-31 0000066004 srt:MaximumMember msex:FirstMortgagesThreeMember 2018-05-31 0000066004 us-gaap:SecuredDebtMember 2019-12-31 0000066004 msex:SecuredDebt1Member 2019-12-31 0000066004 msex:StateRevolvingTrustNote11Member 2019-12-31 0000066004 msex:FirstMortgage31Member 2019-12-31 0000066004 msex:FirstMortgage32Member 2019-12-31 0000066004 msex:FirstMortgagesThreeMember 2018-05-31 0000066004 msex:FirstMortgagesSixMember 2019-08-31 0000066004 msex:NewJerseyEconomicDevelopmentAuthorityMember 2019-12-31 0000066004 msex:StateRevolvingTrustBondMember 2019-12-31 0000066004 msex:FirstMortgage4Member 2019-12-31 0000066004 msex:FirstMortgage6Member 2019-12-31 0000066004 msex:FirstMortgage9Member 2019-12-31 0000066004 msex:FirstMortgage11Member 2019-12-31 0000066004 msex:FirstMortgage13Member 2019-12-31 0000066004 msex:FirstMortgage15Member 2019-12-31 0000066004 msex:FirstMortgage17Member 2019-12-31 0000066004 msex:FirstMortgage19Member 2019-12-31 0000066004 msex:FirstMortgage24Member 2019-12-31 0000066004 msex:FirstMortgage26Member 2019-12-31 0000066004 us-gaap:ConvertiblePreferredStockMember 2019-12-31 0000066004 msex:ConvertiblePreferredStock1Member 2019-12-31 0000066004 us-gaap:NonredeemablePreferredStockMember 2019-12-31 0000066004 msex:NonredeemablePreferredStock1Member 2019-12-31 0000066004 msex:FirstMortgage28Member 2019-12-31 0000066004 us-gaap:SecuredDebtMember 2018-12-31 0000066004 msex:SecuredDebt1Member 2018-12-31 0000066004 us-gaap:ConvertiblePreferredStockMember 2018-12-31 0000066004 msex:ConvertiblePreferredStock1Member 2018-12-31 0000066004 us-gaap:NonredeemablePreferredStockMember 2018-12-31 0000066004 msex:NonredeemablePreferredStock1Member 2018-12-31 0000066004 msex:SecuredDebt2Member 2018-12-31 0000066004 msex:SecuredDebt3Member 2018-12-31 0000066004 msex:StateRevolvingTrustNoteMember 2018-12-31 0000066004 msex:StateRevolvingTrustNote1Member 2018-12-31 0000066004 msex:StateRevolvingTrustNote9Member 2018-12-31 0000066004 msex:StateRevolvingTrustNote2Member 2018-12-31 0000066004 msex:StateRevolvingTrustNote3Member 2018-12-31 0000066004 msex:StateRevolvingTrustBondMember 2018-12-31 0000066004 msex:StateRevolvingTrustBond1Member 2018-12-31 0000066004 msex:StateRevolvingTrustNote4Member 2018-12-31 0000066004 msex:StateRevolvingTrustNote5Member 2018-12-31 0000066004 msex:StateRevolvingTrustNote6Member 2018-12-31 0000066004 msex:SecuredDebt4Member 2018-12-31 0000066004 msex:SecuredDebt5Member 2018-12-31 0000066004 msex:SecuredDebt6Member 2018-12-31 0000066004 msex:SecuredDebt7Member 2018-12-31 0000066004 msex:SecuredDebt7April2Member 2018-12-31 0000066004 msex:StateRevolvingTrustNote7Member 2018-12-31 0000066004 msex:StateRevolvingTrustNote10Member 2018-12-31 0000066004 msex:StateRevolvingTrustNote8Member 2018-12-31 0000066004 msex:NewConstructionLoansMember 2018-12-31 0000066004 msex:FirstMortgage3Member 2018-12-31 0000066004 msex:FirstMortgage4Member 2018-12-31 0000066004 msex:FirstMortgage5Member 2018-12-31 0000066004 msex:FirstMortgage6Member 2018-12-31 0000066004 msex:FirstMortgage8Member 2018-12-31 0000066004 msex:FirstMortgage9Member 2018-12-31 0000066004 msex:FirstMortgage10Member 2018-12-31 0000066004 msex:FirstMortgage11Member 2018-12-31 0000066004 msex:FirstMortgage12Member 2018-12-31 0000066004 msex:FirstMortgage13Member 2018-12-31 0000066004 msex:FirstMortgage14Member 2018-12-31 0000066004 msex:FirstMortgage15Member 2018-12-31 0000066004 msex:FirstMortgage16Member 2018-12-31 0000066004 msex:FirstMortgage17Member 2018-12-31 0000066004 msex:FirstMortgage18Member 2018-12-31 0000066004 msex:FirstMortgage19Member 2018-12-31 0000066004 msex:FirstMortgage20Member 2018-12-31 0000066004 msex:FirstMortgage21Member 2018-12-31 0000066004 msex:FirstMortgage22Member 2018-12-31 0000066004 msex:FirstMortgage23Member 2018-12-31 0000066004 msex:FirstMortgage24Member 2018-12-31 0000066004 msex:FirstMortgage25Member 2018-12-31 0000066004 msex:FirstMortgage26Member 2018-12-31 0000066004 msex:FirstMortgage27Member 2018-12-31 0000066004 msex:FirstMortgage28Member 2018-12-31 0000066004 msex:FirstMortgage29Member 2018-12-31 0000066004 msex:FirstMortgage30Member 2018-12-31 0000066004 msex:FirstMortgage30Member 2019-12-31 0000066004 msex:AmortizingSecuredNotesMember 2019-12-31 0000066004 msex:StateRevolvingTrustNote11Member 2018-12-31 0000066004 msex:FirstMortgage31Member 2018-12-31 0000066004 msex:FirstMortgage32Member 2018-12-31 0000066004 msex:FirstMortgagesThreeMember 2018-05-01 2018-05-31 0000066004 msex:FirstMortgagesFiveMember 2018-05-01 2018-05-31 0000066004 us-gaap:SecuredDebtMember 2019-01-01 2019-12-31 0000066004 msex:SecuredDebt1Member 2019-01-01 2019-12-31 0000066004 msex:SecuredDebt2Member 2019-01-01 2019-12-31 0000066004 msex:SecuredDebt3Member 2019-01-01 2019-12-31 0000066004 msex:StateRevolvingTrustNoteMember 2019-01-01 2019-12-31 0000066004 msex:StateRevolvingTrustNote1Member 2019-01-01 2019-12-31 0000066004 msex:StateRevolvingTrustNote9Member 2019-01-01 2019-12-31 0000066004 msex:StateRevolvingTrustNote2Member 2019-01-01 2019-12-31 0000066004 msex:StateRevolvingTrustNote3Member 2019-01-01 2019-12-31 0000066004 msex:StateRevolvingTrustBondMember 2019-01-01 2019-12-31 0000066004 msex:StateRevolvingTrustBond1Member 2019-01-01 2019-12-31 0000066004 msex:StateRevolvingTrustNote4Member 2019-01-01 2019-12-31 0000066004 msex:StateRevolvingTrustNote5Member 2019-01-01 2019-12-31 0000066004 msex:StateRevolvingTrustNote6Member 2019-01-01 2019-12-31 0000066004 msex:SecuredDebt4Member 2019-01-01 2019-12-31 0000066004 msex:SecuredDebt5Member 2019-01-01 2019-12-31 0000066004 msex:SecuredDebt6Member 2019-01-01 2019-12-31 0000066004 msex:SecuredDebt7Member 2019-01-01 2019-12-31 0000066004 msex:SecuredDebt7April2Member 2019-01-01 2019-12-31 0000066004 msex:StateRevolvingTrustNote7Member 2019-01-01 2019-12-31 0000066004 msex:StateRevolvingTrustNote10Member 2019-01-01 2019-12-31 0000066004 msex:StateRevolvingTrustNote8Member 2019-01-01 2019-12-31 0000066004 msex:FirstMortgage3Member 2019-01-01 2019-12-31 0000066004 msex:FirstMortgage4Member 2019-01-01 2019-12-31 0000066004 msex:FirstMortgage5Member 2019-01-01 2019-12-31 0000066004 msex:FirstMortgage6Member 2019-01-01 2019-12-31 0000066004 msex:FirstMortgage8Member 2019-01-01 2019-12-31 0000066004 msex:FirstMortgage9Member 2019-01-01 2019-12-31 0000066004 msex:FirstMortgage10Member 2019-01-01 2019-12-31 0000066004 msex:FirstMortgage11Member 2019-01-01 2019-12-31 0000066004 msex:FirstMortgage12Member 2019-01-01 2019-12-31 0000066004 msex:FirstMortgage13Member 2019-01-01 2019-12-31 0000066004 msex:FirstMortgage14Member 2019-01-01 2019-12-31 0000066004 msex:FirstMortgage15Member 2019-01-01 2019-12-31 0000066004 msex:FirstMortgage16Member 2019-01-01 2019-12-31 0000066004 msex:FirstMortgage17Member 2019-01-01 2019-12-31 0000066004 msex:FirstMortgage18Member 2019-01-01 2019-12-31 0000066004 msex:FirstMortgage19Member 2019-01-01 2019-12-31 0000066004 msex:FirstMortgage20Member 2019-01-01 2019-12-31 0000066004 msex:FirstMortgage21Member 2019-01-01 2019-12-31 0000066004 msex:FirstMortgage22Member 2019-01-01 2019-12-31 0000066004 msex:FirstMortgage23Member 2019-01-01 2019-12-31 0000066004 msex:FirstMortgage24Member 2019-01-01 2019-12-31 0000066004 msex:FirstMortgage25Member 2019-01-01 2019-12-31 0000066004 msex:FirstMortgage26Member 2019-01-01 2019-12-31 0000066004 msex:FirstMortgage27Member 2019-01-01 2019-12-31 0000066004 msex:FirstMortgage28Member 2019-01-01 2019-12-31 0000066004 msex:FirstMortgage29Member 2019-01-01 2019-12-31 0000066004 msex:NewJerseyEconomicDevelopmentAuthorityMember 2019-01-01 2019-12-31 0000066004 msex:StateRevolvingTrustNote11Member 2019-01-01 2019-12-31 0000066004 msex:DelawarePublicServiceCommissionMember 2019-01-01 2019-12-31 0000066004 msex:FirstMortgage30Member 2019-01-01 2019-12-31 0000066004 msex:FirstMortgage31Member 2019-01-01 2019-12-31 0000066004 msex:FirstMortgage32Member 2019-01-01 2019-12-31 0000066004 us-gaap:TaxYear2014Member 2019-01-01 2019-03-31 0000066004 us-gaap:TaxYear2015Member 2019-01-01 2019-06-30 0000066004 us-gaap:TaxYear2016Member 2019-10-01 2019-10-31 0000066004 us-gaap:TaxYear2017Member 2019-10-01 2019-10-31 0000066004 us-gaap:RegulatedOperationMember 2018-12-31 0000066004 us-gaap:UnregulatedOperationMember 2018-12-31 0000066004 us-gaap:IntersegmentEliminationMember 2018-12-31 0000066004 us-gaap:RegulatedOperationMember 2019-12-31 0000066004 us-gaap:UnregulatedOperationMember 2019-12-31 0000066004 us-gaap:IntersegmentEliminationMember 2019-12-31 0000066004 2019-06-28 0000066004 2016-12-31 0000066004 us-gaap:CommonStockMember 2016-12-31 0000066004 us-gaap:RetainedEarningsMember 2016-12-31 0000066004 2017-12-31 0000066004 us-gaap:CommonStockMember 2017-12-31 0000066004 us-gaap:RetainedEarningsMember 2017-12-31 0000066004 us-gaap:CommonStockMember 2018-12-31 0000066004 us-gaap:RetainedEarningsMember 2018-12-31 0000066004 us-gaap:CommonStockMember 2019-12-31 0000066004 us-gaap:RetainedEarningsMember 2019-12-31 0000066004 msex:OutsideDirectorStockCompensationPlanMember 2019-12-31 0000066004 msex:NewJerseyBoardOfPublicUtilitiesMember msex:MiddlesexWaterCompanyMember 2018-03-01 2018-03-31 0000066004 srt:MinimumMember 2019-01-01 2019-12-31 0000066004 srt:MaximumMember 2019-01-01 2019-12-31 0000066004 srt:MinimumMember msex:SourceOfSupplyMember 2017-01-01 2017-12-31 0000066004 srt:MaximumMember msex:SourceOfSupplyMember 2017-01-01 2017-12-31 0000066004 srt:MinimumMember msex:PumpingMember 2017-01-01 2017-12-31 0000066004 srt:MaximumMember msex:PumpingMember 2017-01-01 2017-12-31 0000066004 srt:MinimumMember msex:WaterTreatmentMember 2017-01-01 2017-12-31 0000066004 srt:MaximumMember msex:WaterTreatmentMember 2017-01-01 2017-12-31 0000066004 srt:MinimumMember msex:GeneralPlantMember 2017-01-01 2017-12-31 0000066004 srt:MaximumMember msex:GeneralPlantMember 2017-01-01 2017-12-31 0000066004 srt:MinimumMember msex:TDMainsMember 2017-01-01 2017-12-31 0000066004 srt:MaximumMember msex:TDMainsMember 2017-01-01 2017-12-31 0000066004 srt:MinimumMember msex:TDServicesMember 2017-01-01 2017-12-31 0000066004 srt:MaximumMember msex:TDServicesMember 2017-01-01 2017-12-31 0000066004 srt:MinimumMember msex:TDOtherMember 2017-01-01 2017-12-31 0000066004 srt:MaximumMember msex:TDOtherMember 2017-01-01 2017-12-31 0000066004 srt:MaximumMember msex:WastewaterCollectionMember 2017-01-01 2017-12-31 0000066004 srt:MinimumMember msex:WastewaterCollectionMember 2017-01-01 2017-12-31 0000066004 srt:MinimumMember msex:SourceOfSupplyMember 2018-01-01 2018-12-31 0000066004 srt:MaximumMember msex:SourceOfSupplyMember 2018-01-01 2018-12-31 0000066004 srt:MinimumMember msex:PumpingMember 2018-01-01 2018-12-31 0000066004 srt:MaximumMember msex:PumpingMember 2018-01-01 2018-12-31 0000066004 srt:MinimumMember msex:WaterTreatmentMember 2018-01-01 2018-12-31 0000066004 srt:MaximumMember msex:WaterTreatmentMember 2018-01-01 2018-12-31 0000066004 srt:MinimumMember msex:GeneralPlantMember 2018-01-01 2018-12-31 0000066004 srt:MaximumMember msex:GeneralPlantMember 2018-01-01 2018-12-31 0000066004 srt:MinimumMember msex:WastewaterCollectionMember 2018-01-01 2018-12-31 0000066004 srt:MaximumMember msex:WastewaterCollectionMember 2018-01-01 2018-12-31 0000066004 srt:MinimumMember msex:TDMainsMember 2018-01-01 2018-12-31 0000066004 srt:MaximumMember msex:TDMainsMember 2018-01-01 2018-12-31 0000066004 srt:MinimumMember msex:TDServicesMember 2018-01-01 2018-12-31 0000066004 srt:MaximumMember msex:TDServicesMember 2018-01-01 2018-12-31 0000066004 srt:MinimumMember msex:TDOtherMember 2018-01-01 2018-12-31 0000066004 srt:MaximumMember msex:TDOtherMember 2018-01-01 2018-12-31 0000066004 srt:MinimumMember msex:SourceOfSupplyMember 2019-01-01 2019-12-31 0000066004 srt:MaximumMember msex:SourceOfSupplyMember 2019-01-01 2019-12-31 0000066004 srt:MinimumMember msex:PumpingMember 2019-01-01 2019-12-31 0000066004 srt:MaximumMember msex:PumpingMember 2019-01-01 2019-12-31 0000066004 srt:MinimumMember msex:WaterTreatmentMember 2019-01-01 2019-12-31 0000066004 srt:MaximumMember msex:WaterTreatmentMember 2019-01-01 2019-12-31 0000066004 srt:MinimumMember msex:GeneralPlantMember 2019-01-01 2019-12-31 0000066004 srt:MaximumMember msex:GeneralPlantMember 2019-01-01 2019-12-31 0000066004 srt:MinimumMember msex:WastewaterCollectionMember 2019-01-01 2019-12-31 0000066004 srt:MaximumMember msex:WastewaterCollectionMember 2019-01-01 2019-12-31 0000066004 srt:MinimumMember msex:TDMainsMember 2019-01-01 2019-12-31 0000066004 srt:MaximumMember msex:TDMainsMember 2019-01-01 2019-12-31 0000066004 srt:MinimumMember msex:TDServicesMember 2019-01-01 2019-12-31 0000066004 srt:MaximumMember msex:TDServicesMember 2019-01-01 2019-12-31 0000066004 srt:MinimumMember msex:TDOtherMember 2019-01-01 2019-12-31 0000066004 srt:MaximumMember msex:TDOtherMember 2019-01-01 2019-12-31 0000066004 msex:TidewaterUtilitiesIncMember 2017-01-01 2017-12-31 0000066004 msex:MiddlesexWaterCompanyMember 2017-01-01 2017-12-31 0000066004 msex:MiddlesexWaterCompanyMember 2018-01-01 2018-12-31 0000066004 msex:TidewaterUtilitiesIncMember 2018-01-01 2018-12-31 0000066004 msex:MiddlesexWaterCompanyMember 2019-01-01 2019-12-31 0000066004 msex:TidewaterUtilitiesIncMember 2019-01-01 2019-12-31 0000066004 msex:DelawarePublicServiceCommissionMember msex:TidewaterUtilitiesIncMember 2019-01-01 2019-12-31 0000066004 msex:NewJerseyBoardOfPublicUtilitiesMember msex:MiddlesexWaterCompanyMember 2019-11-01 2019-11-30 0000066004 msex:PinelandsCompanyMember 2019-10-01 2019-10-31 0000066004 msex:PinelandsWastewaterMember 2019-10-01 2019-10-31 0000066004 msex:NewJerseyBoardOfPublicUtilitiesMember msex:PinelandsCompanyMember 2019-01-01 2019-12-31 0000066004 msex:NewJerseyBoardOfPublicUtilitiesMember msex:PinelandsWastewaterMember 2019-01-01 2019-12-31 0000066004 msex:PennsylvaniaPublicUtilitiesCommissioMember msex:TwinLakesMember 2019-01-01 2019-12-31 0000066004 msex:NewJerseyBoardOfPublicUtilitiesMember msex:MiddlesexWaterCompanyMember 2019-01-01 2019-12-31 0000066004 msex:NewJerseyBoardOfPublicUtilitiesMember msex:MiddlesexWaterCompanyMember 2018-12-31 0000066004 msex:NewJerseyBoardOfPublicUtilitiesMember msex:MiddlesexWaterCompanyMember 2019-12-31 0000066004 us-gaap:PensionCostsMember 2018-12-31 0000066004 msex:IncomeTaxesMember 2018-12-31 0000066004 msex:RateCasesStormCostsTankPaintingOtherMember 2018-12-31 0000066004 us-gaap:PensionCostsMember 2019-12-31 0000066004 msex:IncomeTaxesMember 2019-12-31 0000066004 msex:RateCasesStormCostsTankPaintingOtherMember 2019-12-31 0000066004 us-gaap:PensionCostsMember 2018-01-01 2018-12-31 0000066004 msex:IncomeTaxesMember 2018-01-01 2018-12-31 0000066004 msex:RateCasesStormCostsTankPaintingOtherMember 2018-01-01 2018-12-31 0000066004 us-gaap:PensionCostsMember 2019-01-01 2019-12-31 0000066004 msex:IncomeTaxesMember 2019-01-01 2019-12-31 0000066004 msex:RateCasesStormCostsTankPaintingOtherMember 2019-01-01 2019-12-31 0000066004 us-gaap:TaxYear2014Member 2019-01-01 2019-12-31 0000066004 us-gaap:TaxYear2014Member 2015-12-31 0000066004 us-gaap:PurchaseCommitmentMember 2019-01-01 2019-12-31 0000066004 msex:PurchaseCommitment1Member 2019-01-01 2019-12-31 0000066004 msex:PurchaseCommitment2Member 2019-01-01 2019-12-31 0000066004 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2018-12-31 0000066004 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2018-12-31 0000066004 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-12-31 0000066004 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-12-31 0000066004 msex:DividendReinvestmentCommonStockPurchasePlanMember 2019-01-01 2019-12-31 0000066004 2019-11-01 2019-11-30 0000066004 msex:OutsideDirectorStockCompensationPlanMember 2018-01-01 2018-12-31 0000066004 msex:OutsideDirectorStockCompensationPlanMember 2017-01-01 2017-12-31 0000066004 msex:OutsideDirectorStockCompensationPlanMember 2019-01-01 2019-12-31 0000066004 msex:DelawareStateRevolvingFundMember 2019-12-31 0000066004 msex:NewJerseyInfrastructureBankMember 2018-08-31 0000066004 msex:NewJerseyInfrastructureBankMember 2018-09-30 0000066004 msex:FirstMortgageBondsMember 2019-08-31 0000066004 msex:FirstMortgageBondsMember 2019-12-31 0000066004 msex:DelawareStateRevolvingFundMember 2019-04-30 0000066004 msex:ConvertiblePreferredStockSeries7Member 2019-12-31 0000066004 msex:ConvertiblePreferredStockSeries8Member 2019-12-31 0000066004 msex:AllLongTermDebtMember 2018-12-31 0000066004 msex:AllLongTermDebtMember 2019-12-31 0000066004 us-gaap:EquitySecuritiesMember us-gaap:PensionPlansDefinedBenefitMember 2018-12-31 0000066004 us-gaap:EquitySecuritiesMember us-gaap:OtherPensionPlansDefinedBenefitMember 2018-12-31 0000066004 us-gaap:DebtSecuritiesMember us-gaap:OtherPensionPlansDefinedBenefitMember 2018-12-31 0000066004 us-gaap:CashAndCashEquivalentsMember us-gaap:PensionPlansDefinedBenefitMember 2018-12-31 0000066004 us-gaap:CashAndCashEquivalentsMember us-gaap:OtherPensionPlansDefinedBenefitMember 2018-12-31 0000066004 us-gaap:ExchangeTradedFundsMember us-gaap:PensionPlansDefinedBenefitMember 2018-12-31 0000066004 us-gaap:ExchangeTradedFundsMember us-gaap:OtherPensionPlansDefinedBenefitMember 2018-12-31 0000066004 us-gaap:DebtSecuritiesMember us-gaap:PensionPlansDefinedBenefitMember 2018-12-31 0000066004 us-gaap:EquitySecuritiesMember us-gaap:PensionPlansDefinedBenefitMember 2019-12-31 0000066004 us-gaap:EquitySecuritiesMember us-gaap:OtherPensionPlansDefinedBenefitMember 2019-12-31 0000066004 us-gaap:DebtSecuritiesMember us-gaap:PensionPlansDefinedBenefitMember 2019-12-31 0000066004 us-gaap:DebtSecuritiesMember us-gaap:OtherPensionPlansDefinedBenefitMember 2019-12-31 0000066004 us-gaap:CashAndCashEquivalentsMember us-gaap:PensionPlansDefinedBenefitMember 2019-12-31 0000066004 us-gaap:CashAndCashEquivalentsMember us-gaap:OtherPensionPlansDefinedBenefitMember 2019-12-31 0000066004 us-gaap:ExchangeTradedFundsMember us-gaap:PensionPlansDefinedBenefitMember 2019-12-31 0000066004 us-gaap:ExchangeTradedFundsMember us-gaap:OtherPensionPlansDefinedBenefitMember 2019-12-31 0000066004 us-gaap:EquitySecuritiesMember msex:MiddlesexWaterCompanyMember 2019-12-31 0000066004 srt:ScenarioForecastMember us-gaap:PensionPlansDefinedBenefitMember 2019-01-01 2019-12-31 0000066004 us-gaap:PensionPlansDefinedBenefitMember 2019-01-01 2019-12-31 0000066004 us-gaap:OtherPensionPlansDefinedBenefitMember 2017-12-31 0000066004 us-gaap:PensionPlansDefinedBenefitMember 2017-12-31 0000066004 us-gaap:PensionPlansDefinedBenefitMember 2018-01-01 2018-12-31 0000066004 us-gaap:OtherPensionPlansDefinedBenefitMember 2018-01-01 2018-12-31 0000066004 us-gaap:PensionPlansDefinedBenefitMember 2017-01-01 2017-12-31 0000066004 us-gaap:OtherPensionPlansDefinedBenefitMember 2017-01-01 2017-12-31 0000066004 us-gaap:OtherPensionPlansDefinedBenefitMember 2019-01-01 2019-12-31 0000066004 us-gaap:MutualFundMember us-gaap:PensionPlansDefinedBenefitMember 2018-12-31 0000066004 us-gaap:MoneyMarketFundsMember us-gaap:PensionPlansDefinedBenefitMember 2018-12-31 0000066004 us-gaap:FairValueInputsLevel1Member us-gaap:PensionPlansDefinedBenefitMember 2018-12-31 0000066004 us-gaap:FairValueInputsLevel2Member us-gaap:PensionPlansDefinedBenefitMember 2018-12-31 0000066004 us-gaap:FairValueInputsLevel3Member us-gaap:PensionPlansDefinedBenefitMember 2018-12-31 0000066004 us-gaap:MutualFundMember us-gaap:FairValueInputsLevel1Member us-gaap:PensionPlansDefinedBenefitMember 2018-12-31 0000066004 us-gaap:MutualFundMember us-gaap:FairValueInputsLevel2Member us-gaap:PensionPlansDefinedBenefitMember 2018-12-31 0000066004 us-gaap:MutualFundMember us-gaap:FairValueInputsLevel3Member us-gaap:PensionPlansDefinedBenefitMember 2018-12-31 0000066004 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel1Member us-gaap:PensionPlansDefinedBenefitMember 2018-12-31 0000066004 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel2Member us-gaap:PensionPlansDefinedBenefitMember 2018-12-31 0000066004 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel3Member us-gaap:PensionPlansDefinedBenefitMember 2018-12-31 0000066004 us-gaap:EquitySecuritiesMember us-gaap:FairValueInputsLevel1Member us-gaap:PensionPlansDefinedBenefitMember 2018-12-31 0000066004 us-gaap:EquitySecuritiesMember us-gaap:FairValueInputsLevel2Member us-gaap:PensionPlansDefinedBenefitMember 2018-12-31 0000066004 us-gaap:EquitySecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:PensionPlansDefinedBenefitMember 2018-12-31 0000066004 us-gaap:MutualFundMember us-gaap:OtherPensionPlansDefinedBenefitMember 2018-12-31 0000066004 us-gaap:MoneyMarketFundsMember us-gaap:OtherPensionPlansDefinedBenefitMember 2018-12-31 0000066004 us-gaap:MutualFundMember us-gaap:FairValueInputsLevel1Member us-gaap:OtherPensionPlansDefinedBenefitMember 2018-12-31 0000066004 us-gaap:MutualFundMember us-gaap:FairValueInputsLevel2Member us-gaap:OtherPensionPlansDefinedBenefitMember 2018-12-31 0000066004 us-gaap:MutualFundMember us-gaap:FairValueInputsLevel3Member us-gaap:OtherPensionPlansDefinedBenefitMember 2018-12-31 0000066004 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel1Member us-gaap:OtherPensionPlansDefinedBenefitMember 2018-12-31 0000066004 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel2Member us-gaap:OtherPensionPlansDefinedBenefitMember 2018-12-31 0000066004 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel3Member us-gaap:OtherPensionPlansDefinedBenefitMember 2018-12-31 0000066004 us-gaap:DebtSecuritiesMember us-gaap:FairValueInputsLevel1Member us-gaap:OtherPensionPlansDefinedBenefitMember 2018-12-31 0000066004 us-gaap:DebtSecuritiesMember us-gaap:FairValueInputsLevel2Member us-gaap:OtherPensionPlansDefinedBenefitMember 2018-12-31 0000066004 us-gaap:DebtSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:OtherPensionPlansDefinedBenefitMember 2018-12-31 0000066004 us-gaap:FairValueInputsLevel1Member us-gaap:OtherPensionPlansDefinedBenefitMember 2018-12-31 0000066004 us-gaap:FairValueInputsLevel2Member us-gaap:OtherPensionPlansDefinedBenefitMember 2018-12-31 0000066004 us-gaap:FairValueInputsLevel3Member us-gaap:OtherPensionPlansDefinedBenefitMember 2018-12-31 0000066004 us-gaap:MutualFundMember us-gaap:PensionPlansDefinedBenefitMember 2019-12-31 0000066004 us-gaap:MoneyMarketFundsMember us-gaap:PensionPlansDefinedBenefitMember 2019-12-31 0000066004 us-gaap:FairValueInputsLevel1Member us-gaap:PensionPlansDefinedBenefitMember 2019-12-31 0000066004 us-gaap:FairValueInputsLevel2Member us-gaap:PensionPlansDefinedBenefitMember 2019-12-31 0000066004 us-gaap:FairValueInputsLevel3Member us-gaap:PensionPlansDefinedBenefitMember 2019-12-31 0000066004 us-gaap:MutualFundMember us-gaap:FairValueInputsLevel1Member us-gaap:PensionPlansDefinedBenefitMember 2019-12-31 0000066004 us-gaap:MutualFundMember us-gaap:FairValueInputsLevel2Member us-gaap:PensionPlansDefinedBenefitMember 2019-12-31 0000066004 us-gaap:MutualFundMember us-gaap:FairValueInputsLevel3Member us-gaap:PensionPlansDefinedBenefitMember 2019-12-31 0000066004 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel1Member us-gaap:PensionPlansDefinedBenefitMember 2019-12-31 0000066004 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel2Member us-gaap:PensionPlansDefinedBenefitMember 2019-12-31 0000066004 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel3Member us-gaap:PensionPlansDefinedBenefitMember 2019-12-31 0000066004 us-gaap:EquitySecuritiesMember us-gaap:FairValueInputsLevel1Member us-gaap:PensionPlansDefinedBenefitMember 2019-12-31 0000066004 us-gaap:EquitySecuritiesMember us-gaap:FairValueInputsLevel2Member us-gaap:PensionPlansDefinedBenefitMember 2019-12-31 0000066004 us-gaap:EquitySecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:PensionPlansDefinedBenefitMember 2019-12-31 0000066004 us-gaap:MutualFundMember us-gaap:OtherPensionPlansDefinedBenefitMember 2019-12-31 0000066004 us-gaap:MoneyMarketFundsMember us-gaap:OtherPensionPlansDefinedBenefitMember 2019-12-31 0000066004 us-gaap:MutualFundMember us-gaap:FairValueInputsLevel1Member us-gaap:OtherPensionPlansDefinedBenefitMember 2019-12-31 0000066004 us-gaap:MutualFundMember us-gaap:FairValueInputsLevel2Member us-gaap:OtherPensionPlansDefinedBenefitMember 2019-12-31 0000066004 us-gaap:MutualFundMember us-gaap:FairValueInputsLevel3Member us-gaap:OtherPensionPlansDefinedBenefitMember 2019-12-31 0000066004 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel1Member us-gaap:OtherPensionPlansDefinedBenefitMember 2019-12-31 0000066004 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel2Member us-gaap:OtherPensionPlansDefinedBenefitMember 2019-12-31 0000066004 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel3Member us-gaap:OtherPensionPlansDefinedBenefitMember 2019-12-31 0000066004 us-gaap:DebtSecuritiesMember us-gaap:FairValueInputsLevel1Member us-gaap:OtherPensionPlansDefinedBenefitMember 2019-12-31 0000066004 us-gaap:DebtSecuritiesMember us-gaap:FairValueInputsLevel2Member us-gaap:OtherPensionPlansDefinedBenefitMember 2019-12-31 0000066004 us-gaap:DebtSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:OtherPensionPlansDefinedBenefitMember 2019-12-31 0000066004 us-gaap:FairValueInputsLevel1Member us-gaap:OtherPensionPlansDefinedBenefitMember 2019-12-31 0000066004 us-gaap:FairValueInputsLevel2Member us-gaap:OtherPensionPlansDefinedBenefitMember 2019-12-31 0000066004 us-gaap:FairValueInputsLevel3Member us-gaap:OtherPensionPlansDefinedBenefitMember 2019-12-31 0000066004 us-gaap:RestrictedStockMember 2017-12-31 0000066004 us-gaap:RestrictedStockMember 2016-12-31 0000066004 us-gaap:RestrictedStockMember 2018-12-31 0000066004 us-gaap:RestrictedStockMember 2019-12-31 0000066004 us-gaap:RestrictedStockMember 2017-01-01 2017-12-31 0000066004 us-gaap:RestrictedStockMember 2018-01-01 2018-12-31 0000066004 us-gaap:RestrictedStockMember 2019-01-01 2019-12-31 0000066004 msex:DelawareStateRevolvingFundMember 2018-03-31 0000066004 msex:DelawareStateRevolvingFundMember 2018-12-31 0000066004 2018-05-01 2018-05-31 0000066004 2020-02-27 0000066004 msex:ConvertiblePreferredStockSeries8Member 2019-01-01 2019-12-31 0000066004 us-gaap:TaxYear2014Member 2019-12-31 0000066004 us-gaap:TaxYear2014Member 2018-12-31 0000066004 msex:DelawarePublicServiceCommissionMember msex:TidewaterUtilitiesIncMember 2019-11-01 2019-11-30 0000066004 2019-02-25 2019-03-01 0000066004 2019-11-30 iso4217:USD iso4217:USD shares pure shares utr:gal msex:Customer 0000066004 false --12-31 2019 FY false 10-K true 2019-12-31 false 0-422 MIDDLESEX WATER COMPANY NJ 22-1114430 485C Route 1 South Suite 400 Iselin NJ 08830 732 634-1500 Common Stock, No Par Value MSEX NASDAQ Yes No Yes Yes Large Accelerated Filer false false 941981504 17435830 Proxy Statement to be filed in connection with the Registrant’s Annual Meeting of Stockholders to be held on May 19, 2020, which will be filed with the Securities and Exchange Commission within 120 days of the end of our 2019 fiscal year, is incorporated by reference into Part III of this Annual Report on Form 10-K to the extent described herein.

134598000

138077000

130775000

67980000 71570000 65490000

16716000

15037000

13922000

14382000

14328000

13565000

99078000

100935000

92977000

35520000

37142000

37798000

3146000

1362000

702000

-654000

1630000

915000

2492000

2992000

1617000

7264000

6758000

5506000

30748000

33376000

33909000

-3140000

924000

11100000

33888000

32452000

22809000

132000

144000

33756000

32308000

22665000

2.02

1.97

1.39

2.01

1.96

1.38

16685000

16384000

16330000

16829000

16540000

16486000

160870000

156423000

556517000

512202000

83043000

74371000

75520000

32878000

875950000

775874000

170220000

157387000

705730000

618487000

2230000

3705000

11908000

11762000

7183000

7293000

5445000

5411000

2367000

2644000

29133000

30815000

5944000

2054000 5254000

110479000

99236000

44269000

1956000

10370000 9989000

1899000

2093000

175015000 118528000

909878000

767830000

215125000

157354000

108667000

91433000

323792000 248787000

2084000

2433000

230777000

152851000

556653000

404071000

7178000

7343000

20000000

48500000

23306000

19325000

7635000

14230000

2031000

1289000

1211000 1036000

3620000

2640000

64981000

94363000

23905000 22572000

5732000

54408000

47270000

34671000

30661000

69152000

79112000

2546000

2730000

190414000

182345000

97830000

87051000

909878000

767830000

33888000

32452000

22809000

17232000

15780000

14846000

-11719000

-8724000

7944000

1997000

919000

481000

252000

-27000

209000

637000

1084000

840000

146000

977000

656000

-110000

294000

409000

34000

-1293000

24000

-277000

236000

384000

3981000

5396000

1586000

-6595000

2812000

-967000

742000

196000

9000

-1112000

-2114000

-1920000

175000 85000 28000

-866000

-2589000

169000

36053000

45864000

42843000

1149000

443000

221000

89125000

72094000

50301000

-89125000

-72094000

-50301000

7343000

7024000

6159000

78967000

22076000

11523000

7083000

-28500000

20500000

16000000

769000

880000

230000

357000

56784000

1150000

1234000

16165000

14930000

14002000

132000

144000

4342000

4746000

1315000

93910000

25494000

9537000

40838000

-736000

2079000

5661000

6397000

4318000

46499000

5661000

6397000

7770000

3835000

3778000

130000

6938000

6113000

5616000

1149000

443000

221000

10339000

4689000

2754000

40000000

17434000

16403000

215125000

157354000

108667000

91433000

323792000 248787000

120000

20000

23000

10000

1005000

3000

349000

1000

79000

10000

1000000

2084000

2433000

0.0805

2021-12-20

643000

924000

0.0625

2028-05-19

3535000

3955000

0.0644

2030-08-25

2987000

3267000

0.0646

2031-09-19

3267000

3547000

0.0422

2022-12-31

175000

228000

0.0360

2025-05-01

1405000

1632000

0.0330

2026-03-01

309000

351000

0.0349

2027-01-25

349000

389000

0.0403

2026-12-01

446000

501000

0.0400

0.0500

2021-08-01

60000

111000

0.0000

2021-08-01

50000

88000

0.0364

2028-07-01

214000

235000

0.0364

2028-01-01

69000

77000

0.0345

2031-08-01

851000

907000

0.0659

2029-04-20

3255000

3604000

0.0705

2030-01-20

2521000

2771000

0.0569

2030-01-20

5171000

5684000

0.0445

2040-04-20

8946000

9387000

0.0447

2040-04-20

3320000

3483000

0.0375

2031-07-01

1829000

1954000

0.0200

2036-02-01

1013000

1064000

0.0200

2038-02-01

1309000

0.0375

2030-11-30

955000

1024000

0.0000

40467000

16509000

0.0000

2019-08-01

113000

0.0525

0.0575

2019-08-01

155000

0.0000

2021-08-01

241000

362000

0.0400

0.0500

2021-08-01

331000

489000

0.0000

2023-08-01

1456000

1876000

0.0300

0.0550

2024-08-01

2440000

2980000

0.0000

2026-08-01

632000

723000

0.0400

0.0500

2026-08-01

710000

795000

0.0000

2024-08-01

429000

520000

0.0340

0.0500

2027-08-01

588000

671000

0.0000

2028-08-01

807000

898000

0.0500

0.0550

2028-08-01

928000

1010000

0.0000

2030-08-01

1037000

1137000

0.0300

0.04375

2030-08-01

1190000

1415000

0.0000

2031-08-01

1806000

1956000

0.0200

0.0500

2031-08-01

660000

700000

0.0500

2023-10-01

9915000

0.0380

2038-10-01

22500000

0.0425

2047-10-01

23000000

0.0000

2032-08-01

1957000

2107000

0.0300

0.0325

2032-08-01

755000

800000

0.0000

2033-08-01

2004000

2147000

0.0300

0.0500

2033-08-01

755000

795000

0.0000

2047-08-01

10627000

11006000

0.0300

0.0500

2047-08-01

3785000

3860000

0.0000

2047-08-01

6678000

6917000

0.0300

0.0500

2047-08-01

2320000

2365000

0.0400

2059-08-01

32500000

0.0500

2059-08-01

21200000

234397000

162904000

8064000

1259000

4506000

3969000

7178000

7343000

230777000

152851000

16296000

153045000 65392000 218437000

22809000

32000

1234000

22000

724000

4000

147000

-2000

30000

14002000

144000

16352

155120000 74055000 229175000

32452000

27000

1150000

22000

975000

4000

147000

-2000

38000

14930000

144000

16403000

157354000 91433000 248787000

33888000

226000

12738000

18000

907000

4000

196000

-18000

466000

8.00

41000

350000

760000

44046000

0.976

16165000

132000

357000

17434000

215125000 108667000 323792000

Note 1 – Organization, Summary of Significant Accounting Policies and Recent Developments (a) Organization - Middlesex Water Company (Middlesex) is the parent company and sole shareholder of Tidewater Utilities, Inc. (Tidewater), Tidewater Environmental Services, Inc. (TESI), Pinelands Water Company (Pinelands Water) and Pinelands Wastewater Company (Pinelands Wastewater) (collectively, Pinelands), Utility Service Affiliates, Inc. (USA), Utility Service Affiliates (Perth Amboy) Inc. (USA-PA) and Twin Lakes Utilities, Inc. (Twin Lakes). Southern Shores Water Company, LLC (Southern Shores) and White Marsh Environmental Systems, Inc. (White Marsh) are wholly-owned subsidiaries of Tidewater. Middlesex Water Company has operated as a water utility in New Jersey since 1897, in Delaware, through our wholly-owned subsidiary, Tidewater, since 1992 and in Pennsylvania, through our wholly-owned subsidiary, Twin Lakes, since 2009. We are in the business of collecting, treating, distributing and selling water for domestic, commercial, municipal, industrial and fire protection purposes. We also operate New Jersey municipal water, wastewater and storm water systems under contract and provide unregulated water and wastewater services in New Jersey and Delaware through our subsidiaries. Our rates charged to customers for water and wastewater services, the quality of services we provide and certain other matters are regulated in New Jersey, Delaware and Pennsylvania by the New Jersey Board of Public Utilities (NJBPU), Delaware Public Service Commission (DEPSC) and Pennsylvania Public Utilities Commission (PAPUC), respectively. Our USA, USA-PA and White Marsh subsidiaries are not regulated utilities. Certain reclassifications have been made to the prior year financial statements to conform with current period presentation. The reclassifications are immaterial to the overall presentation of our consolidated financial statements. (b) Principles of Consolidation– The financial statements for Middlesex and its wholly-owned subsidiaries (the Company) are reported on a consolidated basis. All significant intercompany accounts and transactions have been eliminated. Other financial investments in which the Company holds a 50% or less voting interest and cannot exercise control over the operation and policies of the investments are accounted for under the equity method of accounting. Under the equity method of accounting, the Company records its investment interests in Non-Utility Assets and its percentage share of the earnings or losses of the investees in Other Income (Expense). (c) System of Accounts– Middlesex, Pinelands Water and Pinelands Wastewater maintain their accounts in accordance with the Uniform System of Accounts prescribed by the NJBPU. Tidewater, TESI and Southern Shores maintain their accounts in accordance with DEPSC requirements. Twin Lakes maintains its accounts in accordance with PAPUC requirements. (d) Regulatory Accounting - We maintain our books and records in accordance with accounting principles generally accepted in the United States of America. Middlesex and certain of its subsidiaries, which account for 91% of Operating Revenues and 99% of Total Assets, are subject to regulation in the state in which they operate. Those companies are required to maintain their accounts in accordance with regulatory authorities’ rules and guidelines, which may differ from other authoritative accounting pronouncements. In those instances, the Company follows the guidance provided in Accounting Standards Codification (ASC) 980, Regulated Operations. In accordance with ASC 980, Regulated Operations, costs and obligations are deferred if it is probable that these items will be recognized for rate-making purposes in future rates. Accordingly, we have recorded costs and obligations, which will be amortized over various future periods. Any change in the assessment of the probability of rate-making treatment will require us to change the accounting treatment of the deferred item. We have no reason to believe any of the deferred items that are recorded will be treated differently by the regulators in the future. For additional information, see Note 2 – Rate and Regulatory Matters. <div> 42 <hr style="border-top:1.5pt solid #000000;"/> <div style="page-break-after: always;"/> <a href="#t001">Index</a> </div> (e) Retirement Benefit Plans - We maintain a noncontributory defined benefit pension plan (Pension Plan) which covers all active employees who were hired prior to April 1, 2007. In addition, the Company maintains an unfunded supplemental plan for a limited number of its executive officers. The Company has a retirement benefit plan other than pensions (Other Benefits Plan) for substantially all of its retired employees. Employees hired after March 31, 2007 are not eligible to participate in this plan. Coverage includes healthcare and life insurance. The Company’s costs for providing retirement benefits are dependent upon numerous factors, including actual plan experience and assumptions of future experience. Retirement benefit plan obligations and expense are determined based on investment performance, discount rates and various other demographic factors related to the population participating in the Company’s retirement benefit plans, all of which can change significantly in future years. For more information on the Company’s Retirement Benefit Plans, see Note 7 – Employee Benefit Plans. (f) Utility Plant– Utility Plant is stated at original cost as defined for regulatory purposes. Property accounts are charged with the cost of betterments and major replacements of property. Cost includes direct material, labor and indirect charges for pension benefits and payroll taxes. The cost of labor, materials, supervision and other expenses incurred in making repairs and minor replacements and in maintaining the properties is charged to the appropriate expense accounts. At December 31, 2019, there was no event or change in circumstance that would indicate that the carrying amount of any long-lived asset was not recoverable. (g) Depreciation – Depreciation is computed by each regulated member of the Company utilizing a rate approved by the applicable regulatory authority. The accumulated provision for depreciation is charged with the cost of property retired, less salvage. The following table sets forth the range of depreciation rates for the major utility plant categories used to calculate depreciation for the years ended December 31, 2019, 2018 and 2017. These rates have been approved by the NJBPU, DEPSC or PAPUC: <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="70.2127659574468%"> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:25%; vertical-align:bottom; "> Source of Supply </td> <td style="width:25%; vertical-align:bottom; "> 1.15% - 3.44% </td> <td colspan="2" style="width:50%; vertical-align:bottom; "> Transmission and Distribution (T&D): </td> </tr> <tr class="even" style=""> <td style="width:25%; vertical-align:bottom; "> Pumping </td> <td style="width:25%; vertical-align:bottom; "> 2.00% - 5.39% </td> <td style="width:25%; vertical-align:bottom; "> T&D – Mains </td> <td style="width:25%; vertical-align:bottom; "> 1.10% - 3.13% </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:25%; vertical-align:bottom; "> Water Treatment </td> <td style="width:25%; vertical-align:bottom; "> 1.65% - 7.09% </td> <td style="width:25%; vertical-align:bottom; "> T&D – Services </td> <td style="width:25%; vertical-align:bottom; "> 2.12% - 3.16% </td> </tr> <tr class="even" style=""> <td style="width:25%; vertical-align:bottom; "> General Plant </td> <td style="width:25%; vertical-align:bottom; "> 2.08% - 17.84% </td> <td style="width:25%; vertical-align:bottom; "> T&D – Other </td> <td style="width:25%; vertical-align:bottom; "> 1.61% - 4.63% </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:25%; vertical-align:bottom; "> Wastewater Collection </td> <td style="width:25%; vertical-align:bottom; "> 1.42% - 1.81% </td> <td style="width:25%; vertical-align:bottom; "> </td> <td style="width:142%; vertical-align:bottom; "> </td></tr></tbody> </table></div> Non-regulated fixed assets consist primarily of office buildings, furniture and fixtures, and transportation equipment. These assets are recorded at original cost and depreciation is calculated based on the estimated useful lives, ranging from 3 to 42 years. (h) Preliminary Survey and Investigation (PS&I)Costs – In the design of water and wastewater systems that the Company ultimately intends to construct, own and operate certain expenditures are incurred to advance those project activities. These PS&I costs are recorded as deferred charges on the balance sheet because these costs are expected to be recovered through future rates charged to customers as the underlying projects are placed into service as utility plant. If it is subsequently determined that costs for a project recorded as PS&I are not recoverable through rates charged to our customers, the applicable PS&I costs are recorded as Other Expense on the statement of income at that time. (i) Customers’ Advances for Construction (CAC) – Utility plant and/or cash advances are provided to the Company by customers, real estate developers and builders in order to extend utility service to their properties. These transactions are recorded as CAC. Contractual Refunds of CACs in the form of cash are made by the Company and are based on either additional operating revenues generated from new customers or as new customers are connected to the respective system. After all refunds are made and/or contract terms have expired, any remaining balance is transferred to Contributions in Aid of Construction. Contributions in Aid of Construction(CIAC) – CIAC include direct non-refundable contributions of utility plant and/or cash and the portion of CAC that becomes non-refundable. <div> 43 <hr style="border-top:1.5pt solid #000000;"/> <div style="page-break-after: always;"/> <a href="#t001">Index</a> </div> CAC and CIAC are not depreciated in accordance with regulatory requirements. In addition, these amounts reduce the investment base for purposes of setting rates. (j) Allowance for Funds Used During Construction (AFUDC) - Middlesex and its regulated subsidiaries capitalize AFUDC, which represents the cost of financing projects during construction. AFUDC is added to the construction costs of individual projects exceeding specific cost and construction period thresholds established for each company and then depreciated along with the rest of the utility plant’s costs over its estimated useful life. AFUDC is calculated using each company’s weighted cost of debt and equity as approved in their most recent respective regulatory rate order. The AFUDC rates for the years ended December 31, 2019, 2018 and 2017 for Middlesex and Tidewater are as follows: <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="70.2127659574468%"> <thead> <tr class="odd" style=""> <td style="width:34%; vertical-align:bottom; "> </td> <td style="width:22%; vertical-align:bottom; "> 2019 </td> <td style="width:22%; vertical-align:bottom; "> 2018 </td> <td style="width:22%; vertical-align:bottom; "> 2017 </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:34%; vertical-align:bottom; "> Middlesex </td> <td style="width:22%; vertical-align:bottom; "> 6.50% </td> <td style="width:22%; vertical-align:bottom; "> 6.50% </td> <td style="width:22%; vertical-align:bottom; "> 6.73% </td> </tr> <tr class="even" style=""> <td style="width:34%; vertical-align:bottom; "> Tidewater </td> <td style="width:22%; vertical-align:bottom; "> 7.92% </td> <td style="width:22%; vertical-align:bottom; "> 7.92% </td> <td style="width:22%; vertical-align:bottom; "> 7.92% </td></tr></tbody> </table></div> (k) Accounts Receivable – We record bad debt expense based on historical write-offs combined with an evaluation of current conditions. The allowance for doubtful accounts was $1.4 million and $1.0 million as of December 31, 2019 and 2018, respectively. For the years ended December 31, 2019, 2018 and 2017, bad debt expense was $1.0 million, $0.8 million and $0.5 million, respectively. For the years ended December 31, 2019, 2018 and 2017, write-offs were $0.6 million, $0.7 million and $0.5 million, respectively. (l) Revenues - The Company’s revenues are primarily generated from regulated tariff-based sales of water and wastewater services and non-regulated operation and maintenance contracts for services on water and wastewater systems owned by others.Revenue from contracts with customers is recognized when control of a promised good or service is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The Company’s regulated revenue from contracts with customers is derived from tariff-based sales that result from the obligation to provide water and wastewater services to residential, industrial, commercial, fire-protection and wholesale customers. The Company’s residential customers are billed quarterly while most of the Company’s industrial, commercial, fire-protection and wholesale customers are billed monthly. Payments by customers are due between 15 to 30 days after the invoice date. The Company recognizes revenue as the water and wastewater services are delivered to customers as well as records unbilled revenues estimated from the last meter reading date to the end of the accounting period utilizing factors such as historical customer data, regional weather indicators and general economic conditions in its service territories. Unearned Revenues and Advance Service Fees include fixed service charge billings in advance to Tidewater customers that are recognized as service is provided to the customer. Non-regulated service contract revenues consist of base service fees as well as fees for additional billable services provided to customers. Fees are billed monthly and are due within 30 days after the invoice date. The Company considers the amounts billed to represent the value of these services provided to customers. These contracts expire at various times through December 2028 and thus contain remaining performance obligations for which the Company expects to recognize revenue in the future. These contracts also contain customary termination provisions. Almost all of the amounts included in operating revenues and accounts receivable are from contracts with customers. The Company records its allowance for doubtful accounts based on historical write-offs combined with an evaluation of current economic conditions within its service territories. The Company’s contracts do not contain any significant financing components. <div> 44 <hr style="border-top:1.5pt solid #000000;"/> <div style="page-break-after: always;"/> <a href="#t001">Index</a> </div> The Company’s operating revenues are comprised of the following: <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="100%"> <thead> <tr class="odd" style=""> <td style="width:61%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="11" style="width:38%; vertical-align:bottom; "> (In Thousands) </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="11" style="width:38%; vertical-align:bottom; "> Years Ended December 31, </td> </tr> <tr class="odd" style=""> <td style="width:61%; vertical-align:bottom; "> </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2019 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2018 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2017 </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; "> Regulated Tariff Sales </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> Residential </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 71,487 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 69,785 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 66,483 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; "> Commercial </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 15,198 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 14,844 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 13,956 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> Industrial </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 9,390 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 10,183 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 9,321 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; "> Fire Protection </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 12,291 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 12,099 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 11,812 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> Wholesale </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 14,319 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 14,655 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 13,553 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; "> Non-Regulated Contract Operations </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 11,773 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 16,374 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 15,508 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> Total Revenue from Contracts with Customers </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 134,458 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 137,940 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 130,633 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; "> Other Regulated Revenues </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 393 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 335 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 329 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> Other Non-Regulated Revenues </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 404 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 404 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 404 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; "> Inter-segment Elimination </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (657 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (602 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (591 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> Total Revenue </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 134,598 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 138,077 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 130,775 </td> <td style="width:100%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td></tr></tbody> </table></div> (m) Unamortized Debt Expense and Premiums on Long-Term Debt - Unamortized Debt Expense and Premiums on Long-Term Debt, included on the consolidated balance sheet in long-term debt, are amortized over the lives of the related debt issues. (n) Income Taxes - Middlesex files a consolidated federal income tax return for the Company and income taxes are allocated based on the separate return method. Investment tax credits have been deferred and are amortized over the estimated useful life of the related property. In the event that there are interest and penalties associated with income tax adjustments from income tax authority examinations, these amounts will be reported under interest expense and other expense, respectively. For more information on income taxes, see Note 3 – Income Taxes. (o) Cash and Cash Equivalents - For purposes of reporting cash flows, the Company considers all highly liquid investments with original maturity dates of three months or less to be cash equivalents. Cash and cash equivalents represent bank balances and money market funds with investments maturing in less than 90 days. (p) Restricted Cash – Restricted cash includes cash proceeds from loan transactions entered into through government financing programs and are held in trusts for specific capital expenditures or debt service. (q) Use of Estimates - Conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts in the financial statements. Actual results could differ from those estimates. (r) Recent Accounting Pronouncements Revenue Recognition - The Financial Accounting Standards Board (FASB) issued guidance, which replaces most of the existing guidance with a single set of principles for recognizing revenue from contracts with customers. The guidance became effective January 1, 2018 and did not have a material impact on the Company’s financial statements. Disclosures related to Revenue Recognition are included above in Revenues. Recognition and Measurement of Financial Assets and FinancialLiabilities - The FASB issued guidance which (i) requires all investments in equity securities, except those accounted for under the equity method of accounting or that result in consolidation of the investee, unincorporated joint ventures and limited liability companies, to be carried at fair value through net income, (ii) requires an incremental recognition and disclosure requirement related to the presentation of fair value changes of financial liabilities for which the fair value option has been elected, (iii) amends several disclosure requirements, including the methods and significant assumptions used to <div> 45 <hr style="border-top:1.5pt solid #000000;"/> <div style="page-break-after: always;"/> <a href="#t001">Index</a> </div> estimate fair value or a description of the changes in the methods and assumptions used to estimate fair value, and (iv) requires disclosure of the fair value of financial assets and liabilities measured at amortized cost at the amount that would be received to sell the asset or paid to transfer the liability. The guidance became effective January 1, 2018 and did not have a material impact on the Company’s financial statements. Statement of Cash Flows - The FASB issued guidance which amends the previous guidance on the classification of certain cash receipts and payments in the statement of cash flows. The primary purpose of the amendment is to reduce the diversity in practice that has resulted from the lack of consistent principles on this topic. The guidance became effective January 1, 2018 and did not have a material impact on the Company’s financial statements. Restricted Cash - The FASB issued guidance related to the classification and presentation of restricted cash in the statement of cash flows, which requires entities to a) include restricted cash balances in its cash and cash-equivalent balances in the statement of cash flows and b) include a reconciliation of cash and cash-equivalents per the statement of financial position as compared to the statement of cash flows. Changes in restricted cash and restricted cash equivalents that result from transfers between cash, cash equivalents, and restricted cash and restricted cash equivalents will not be presented as cash flow activities in the statement of cash flows. In addition, an entity with a material balance of amounts described as restricted cash and restricted cash equivalents must disclose information about the nature of the restrictions. The guidance became effective January 1, 2018 and did not have a material impact on the Company’s financial statements. Employee Benefit Plans-Net Periodic Benefit Cost – The FASB issued guidance which requires entities to (1) disaggregate the current-service-cost component from the other components of net benefit cost and present it with other current compensation costs for related employees in the income statement and (2) present the other components elsewhere in the income statement and outside of income from operations if that subtotal is presented. In addition, the guidance requires entities to disclose the income statement lines that contain the other components if they are not presented on appropriately described separate lines. The guidance became effective January 1, 2018 and did not have a material impact on the Company’s financial statements. As a result of adopting this guidance, the consolidated statement of income for the year ended December 31, 2017 was revised, which resulted in increases in Operations and Maintenance expense and Other Income (Expense), net of $0.8 million. Leases - The FASB issued guidance related to leases which requires lessees to recognize a lease liability (a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis) and a right-of-use asset (an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term). The guidance became effective on January 1, 2019. The Company elected the optional transition method of adoption option to apply the requirements of the standard in the period of adoption with no restatement of prior periods. The Company utilized the package of transition practical expedients provided by the new guidance, including carrying forward prior conclusions related to contracts that contain leases and lease classification. The Company also utilized the transition practical expedient permitting entities to forgo the evaluation of existing land easement arrangements to determine if they contain a lease. Land easement arrangements, or modifications to existing arrangements, entered into after adoption of this guidance will need to be evaluated to determine if they meet the definition of a lease. The adoption of this guidance resulted in the recording of a $6.7 million right-of-use asset, a $7.1 million lease liability and a $0.4 million regulatory asset on the Company’s consolidated balance sheet as of January 1, 2019. For further discussion, see “Leases” in Note 4 – Commitments and Contingent Liabilities. There are no other new adopted or proposed accounting guidance that the Company is aware of that could have a material impact on the Company’s consolidated financial statements.

(a) Organization - Middlesex Water Company (Middlesex) is the parent company and sole shareholder of Tidewater Utilities, Inc. (Tidewater), Tidewater Environmental Services, Inc. (TESI), Pinelands Water Company (Pinelands Water) and Pinelands Wastewater Company (Pinelands Wastewater) (collectively, Pinelands), Utility Service Affiliates, Inc. (USA), Utility Service Affiliates (Perth Amboy) Inc. (USA-PA) and Twin Lakes Utilities, Inc. (Twin Lakes). Southern Shores Water Company, LLC (Southern Shores) and White Marsh Environmental Systems, Inc. (White Marsh) are wholly-owned subsidiaries of Tidewater. Middlesex Water Company has operated as a water utility in New Jersey since 1897, in Delaware, through our wholly-owned subsidiary, Tidewater, since 1992 and in Pennsylvania, through our wholly-owned subsidiary, Twin Lakes, since 2009. We are in the business of collecting, treating, distributing and selling water for domestic, commercial, municipal, industrial and fire protection purposes. We also operate New Jersey municipal water, wastewater and storm water systems under contract and provide unregulated water and wastewater services in New Jersey and Delaware through our subsidiaries. Our rates charged to customers for water and wastewater services, the quality of services we provide and certain other matters are regulated in New Jersey, Delaware and Pennsylvania by the New Jersey Board of Public Utilities (NJBPU), Delaware Public Service Commission (DEPSC) and Pennsylvania Public Utilities Commission (PAPUC), respectively. Our USA, USA-PA and White Marsh subsidiaries are not regulated utilities. Certain reclassifications have been made to the prior year financial statements to conform with current period presentation. The reclassifications are immaterial to the overall presentation of our consolidated financial statements.

(b) Principles of Consolidation– The financial statements for Middlesex and its wholly-owned subsidiaries (the Company) are reported on a consolidated basis. All significant intercompany accounts and transactions have been eliminated. Other financial investments in which the Company holds a 50% or less voting interest and cannot exercise control over the operation and policies of the investments are accounted for under the equity method of accounting. Under the equity method of accounting, the Company records its investment interests in Non-Utility Assets and its percentage share of the earnings or losses of the investees in Other Income (Expense).

0.50 (c) System of Accounts– Middlesex, Pinelands Water and Pinelands Wastewater maintain their accounts in accordance with the Uniform System of Accounts prescribed by the NJBPU. Tidewater, TESI and Southern Shores maintain their accounts in accordance with DEPSC requirements. Twin Lakes maintains its accounts in accordance with PAPUC requirements.

(d) Regulatory Accounting - We maintain our books and records in accordance with accounting principles generally accepted in the United States of America. Middlesex and certain of its subsidiaries, which account for 91% of Operating Revenues and 99% of Total Assets, are subject to regulation in the state in which they operate. Those companies are required to maintain their accounts in accordance with regulatory authorities’ rules and guidelines, which may differ from other authoritative accounting pronouncements. In those instances, the Company follows the guidance provided in Accounting Standards Codification (ASC) 980, Regulated Operations. In accordance with ASC 980, Regulated Operations, costs and obligations are deferred if it is probable that these items will be recognized for rate-making purposes in future rates. Accordingly, we have recorded costs and obligations, which will be amortized over various future periods. Any change in the assessment of the probability of rate-making treatment will require us to change the accounting treatment of the deferred item. We have no reason to believe any of the deferred items that are recorded will be treated differently by the regulators in the future. For additional information, see Note 2 – Rate and Regulatory Matters.

0.91 0.99

(e) Retirement Benefit Plans - We maintain a noncontributory defined benefit pension plan (Pension Plan) which covers all active employees who were hired prior to April 1, 2007. In addition, the Company maintains an unfunded supplemental plan for a limited number of its executive officers. The Company has a retirement benefit plan other than pensions (Other Benefits Plan) for substantially all of its retired employees. Employees hired after March 31, 2007 are not eligible to participate in this plan. Coverage includes healthcare and life insurance. The Company’s costs for providing retirement benefits are dependent upon numerous factors, including actual plan experience and assumptions of future experience. Retirement benefit plan obligations and expense are determined based on investment performance, discount rates and various other demographic factors related to the population participating in the Company’s retirement benefit plans, all of which can change significantly in future years. For more information on the Company’s Retirement Benefit Plans, see Note 7 – Employee Benefit Plans.

(f) Utility Plant– Utility Plant is stated at original cost as defined for regulatory purposes. Property accounts are charged with the cost of betterments and major replacements of property. Cost includes direct material, labor and indirect charges for pension benefits and payroll taxes. The cost of labor, materials, supervision and other expenses incurred in making repairs and minor replacements and in maintaining the properties is charged to the appropriate expense accounts. At December 31, 2019, there was no event or change in circumstance that would indicate that the carrying amount of any long-lived asset was not recoverable.

(g) Depreciation – Depreciation is computed by each regulated member of the Company utilizing a rate approved by the applicable regulatory authority. The accumulated provision for depreciation is charged with the cost of property retired, less salvage. The following table sets forth the range of depreciation rates for the major utility plant categories used to calculate depreciation for the years ended December 31, 2019, 2018 and 2017. These rates have been approved by the NJBPU, DEPSC or PAPUC: <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="70.2127659574468%"> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:25%; vertical-align:bottom; "> Source of Supply </td> <td style="width:25%; vertical-align:bottom; "> 1.15% - 3.44% </td> <td colspan="2" style="width:50%; vertical-align:bottom; "> Transmission and Distribution (T&D): </td> </tr> <tr class="even" style=""> <td style="width:25%; vertical-align:bottom; "> Pumping </td> <td style="width:25%; vertical-align:bottom; "> 2.00% - 5.39% </td> <td style="width:25%; vertical-align:bottom; "> T&D – Mains </td> <td style="width:25%; vertical-align:bottom; "> 1.10% - 3.13% </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:25%; vertical-align:bottom; "> Water Treatment </td> <td style="width:25%; vertical-align:bottom; "> 1.65% - 7.09% </td> <td style="width:25%; vertical-align:bottom; "> T&D – Services </td> <td style="width:25%; vertical-align:bottom; "> 2.12% - 3.16% </td> </tr> <tr class="even" style=""> <td style="width:25%; vertical-align:bottom; "> General Plant </td> <td style="width:25%; vertical-align:bottom; "> 2.08% - 17.84% </td> <td style="width:25%; vertical-align:bottom; "> T&D – Other </td> <td style="width:25%; vertical-align:bottom; "> 1.61% - 4.63% </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:25%; vertical-align:bottom; "> Wastewater Collection </td> <td style="width:25%; vertical-align:bottom; "> 1.42% - 1.81% </td> <td style="width:25%; vertical-align:bottom; "> </td> <td style="width:142%; vertical-align:bottom; "> </td></tr></tbody> </table></div> Non-regulated fixed assets consist primarily of office buildings, furniture and fixtures, and transportation equipment. These assets are recorded at original cost and depreciation is calculated based on the estimated useful lives, ranging from 3 to 42 years.

0.0115

0.0344

0.0200

0.0539

0.0110

0.0313

0.0165

0.0709

0.0212

0.0316

0.0208

0.1784

0.0161

0.0463

0.0142

0.0181

P3Y

P42Y

(h) Preliminary Survey and Investigation (PS&I)Costs – In the design of water and wastewater systems that the Company ultimately intends to construct, own and operate certain expenditures are incurred to advance those project activities. These PS&I costs are recorded as deferred charges on the balance sheet because these costs are expected to be recovered through future rates charged to customers as the underlying projects are placed into service as utility plant. If it is subsequently determined that costs for a project recorded as PS&I are not recoverable through rates charged to our customers, the applicable PS&I costs are recorded as Other Expense on the statement of income at that time. (i) Customers’ Advances for Construction (CAC) – Utility plant and/or cash advances are provided to the Company by customers, real estate developers and builders in order to extend utility service to their properties. These transactions are recorded as CAC. Contractual Refunds of CACs in the form of cash are made by the Company and are based on either additional operating revenues generated from new customers or as new customers are connected to the respective system. After all refunds are made and/or contract terms have expired, any remaining balance is transferred to Contributions in Aid of Construction. Contributions in Aid of Construction(CIAC) – CIAC include direct non-refundable contributions of utility plant and/or cash and the portion of CAC that becomes non-refundable. <div> 43 <hr style="border-top:1.5pt solid #000000;"/> <div style="page-break-after: always;"/> <a href="#t001">Index</a> </div> CAC and CIAC are not depreciated in accordance with regulatory requirements. In addition, these amounts reduce the investment base for purposes of setting rates.

(j) Allowance for Funds Used During Construction (AFUDC) - Middlesex and its regulated subsidiaries capitalize AFUDC, which represents the cost of financing projects during construction. AFUDC is added to the construction costs of individual projects exceeding specific cost and construction period thresholds established for each company and then depreciated along with the rest of the utility plant’s costs over its estimated useful life. AFUDC is calculated using each company’s weighted cost of debt and equity as approved in their most recent respective regulatory rate order. The AFUDC rates for the years ended December 31, 2019, 2018 and 2017 for Middlesex and Tidewater are as follows: <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="70.2127659574468%"> <thead> <tr class="odd" style=""> <td style="width:34%; vertical-align:bottom; "> </td> <td style="width:22%; vertical-align:bottom; "> 2019 </td> <td style="width:22%; vertical-align:bottom; "> 2018 </td> <td style="width:22%; vertical-align:bottom; "> 2017 </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:34%; vertical-align:bottom; "> Middlesex </td> <td style="width:22%; vertical-align:bottom; "> 6.50% </td> <td style="width:22%; vertical-align:bottom; "> 6.50% </td> <td style="width:22%; vertical-align:bottom; "> 6.73% </td> </tr> <tr class="even" style=""> <td style="width:34%; vertical-align:bottom; "> Tidewater </td> <td style="width:22%; vertical-align:bottom; "> 7.92% </td> <td style="width:22%; vertical-align:bottom; "> 7.92% </td> <td style="width:22%; vertical-align:bottom; "> 7.92% </td></tr></tbody> </table></div>

0.0650

0.0673

0.0792

(k) Accounts Receivable – We record bad debt expense based on historical write-offs combined with an evaluation of current conditions. The allowance for doubtful accounts was $1.4 million and $1.0 million as of December 31, 2019 and 2018, respectively. For the years ended December 31, 2019, 2018 and 2017, bad debt expense was $1.0 million, $0.8 million and $0.5 million, respectively. For the years ended December 31, 2019, 2018 and 2017, write-offs were $0.6 million, $0.7 million and $0.5 million, respectively.

1400000

1000000.0

800000

500000

600000

700000

500000

(l) Revenues - The Company’s revenues are primarily generated from regulated tariff-based sales of water and wastewater services and non-regulated operation and maintenance contracts for services on water and wastewater systems owned by others.Revenue from contracts with customers is recognized when control of a promised good or service is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The Company’s regulated revenue from contracts with customers is derived from tariff-based sales that result from the obligation to provide water and wastewater services to residential, industrial, commercial, fire-protection and wholesale customers. The Company’s residential customers are billed quarterly while most of the Company’s industrial, commercial, fire-protection and wholesale customers are billed monthly. Payments by customers are due between 15 to 30 days after the invoice date. The Company recognizes revenue as the water and wastewater services are delivered to customers as well as records unbilled revenues estimated from the last meter reading date to the end of the accounting period utilizing factors such as historical customer data, regional weather indicators and general economic conditions in its service territories. Unearned Revenues and Advance Service Fees include fixed service charge billings in advance to Tidewater customers that are recognized as service is provided to the customer. Non-regulated service contract revenues consist of base service fees as well as fees for additional billable services provided to customers. Fees are billed monthly and are due within 30 days after the invoice date. The Company considers the amounts billed to represent the value of these services provided to customers. These contracts expire at various times through December 2028 and thus contain remaining performance obligations for which the Company expects to recognize revenue in the future. These contracts also contain customary termination provisions. Almost all of the amounts included in operating revenues and accounts receivable are from contracts with customers. The Company records its allowance for doubtful accounts based on historical write-offs combined with an evaluation of current economic conditions within its service territories. The Company’s contracts do not contain any significant financing components. <div> 44 <hr style="border-top:1.5pt solid #000000;"/> <div style="page-break-after: always;"/> <a href="#t001">Index</a> </div> The Company’s operating revenues are comprised of the following: <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="100%"> <thead> <tr class="odd" style=""> <td style="width:61%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="11" style="width:38%; vertical-align:bottom; "> (In Thousands) </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="11" style="width:38%; vertical-align:bottom; "> Years Ended December 31, </td> </tr> <tr class="odd" style=""> <td style="width:61%; vertical-align:bottom; "> </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2019 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2018 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2017 </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; "> Regulated Tariff Sales </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> Residential </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 71,487 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 69,785 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 66,483 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; "> Commercial </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 15,198 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 14,844 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 13,956 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> Industrial </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 9,390 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 10,183 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 9,321 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; "> Fire Protection </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 12,291 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 12,099 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 11,812 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> Wholesale </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 14,319 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 14,655 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 13,553 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; "> Non-Regulated Contract Operations </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 11,773 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 16,374 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 15,508 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> Total Revenue from Contracts with Customers </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 134,458 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 137,940 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 130,633 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; "> Other Regulated Revenues </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 393 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 335 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 329 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> Other Non-Regulated Revenues </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 404 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 404 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 404 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; "> Inter-segment Elimination </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (657 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (602 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (591 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> Total Revenue </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 134,598 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 138,077 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 130,775 </td> <td style="width:100%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td></tr></tbody> </table></div>

71487000 69785000 66483000 15198000 14844000 13956000 9390000 10183000 9321000 12291000 12099000 11812000 14319000 14655000 13553000 11773000 16374000 15508000

134458000

137940000

130633000

393000

335000

329000

404000 404000 404000 -657000 -602000 -591000

(m) Unamortized Debt Expense and Premiums on Long-Term Debt - Unamortized Debt Expense and Premiums on Long-Term Debt, included on the consolidated balance sheet in long-term debt, are amortized over the lives of the related debt issues.

(o) Cash and Cash Equivalents - For purposes of reporting cash flows, the Company considers all highly liquid investments with original maturity dates of three months or less to be cash equivalents. Cash and cash equivalents represent bank balances and money market funds with investments maturing in less than 90 days.

(p) Restricted Cash – Restricted cash includes cash proceeds from loan transactions entered into through government financing programs and are held in trusts for specific capital expenditures or debt service.

(r) Recent Accounting Pronouncements Revenue Recognition - The Financial Accounting Standards Board (FASB) issued guidance, which replaces most of the existing guidance with a single set of principles for recognizing revenue from contracts with customers. The guidance became effective January 1, 2018 and did not have a material impact on the Company’s financial statements. Disclosures related to Revenue Recognition are included above in Revenues. Recognition and Measurement of Financial Assets and FinancialLiabilities - The FASB issued guidance which (i) requires all investments in equity securities, except those accounted for under the equity method of accounting or that result in consolidation of the investee, unincorporated joint ventures and limited liability companies, to be carried at fair value through net income, (ii) requires an incremental recognition and disclosure requirement related to the presentation of fair value changes of financial liabilities for which the fair value option has been elected, (iii) amends several disclosure requirements, including the methods and significant assumptions used to <div> 45 <hr style="border-top:1.5pt solid #000000;"/> <div style="page-break-after: always;"/> <a href="#t001">Index</a> </div> estimate fair value or a description of the changes in the methods and assumptions used to estimate fair value, and (iv) requires disclosure of the fair value of financial assets and liabilities measured at amortized cost at the amount that would be received to sell the asset or paid to transfer the liability. The guidance became effective January 1, 2018 and did not have a material impact on the Company’s financial statements. Statement of Cash Flows - The FASB issued guidance which amends the previous guidance on the classification of certain cash receipts and payments in the statement of cash flows. The primary purpose of the amendment is to reduce the diversity in practice that has resulted from the lack of consistent principles on this topic. The guidance became effective January 1, 2018 and did not have a material impact on the Company’s financial statements. Restricted Cash - The FASB issued guidance related to the classification and presentation of restricted cash in the statement of cash flows, which requires entities to a) include restricted cash balances in its cash and cash-equivalent balances in the statement of cash flows and b) include a reconciliation of cash and cash-equivalents per the statement of financial position as compared to the statement of cash flows. Changes in restricted cash and restricted cash equivalents that result from transfers between cash, cash equivalents, and restricted cash and restricted cash equivalents will not be presented as cash flow activities in the statement of cash flows. In addition, an entity with a material balance of amounts described as restricted cash and restricted cash equivalents must disclose information about the nature of the restrictions. The guidance became effective January 1, 2018 and did not have a material impact on the Company’s financial statements. Employee Benefit Plans-Net Periodic Benefit Cost – The FASB issued guidance which requires entities to (1) disaggregate the current-service-cost component from the other components of net benefit cost and present it with other current compensation costs for related employees in the income statement and (2) present the other components elsewhere in the income statement and outside of income from operations if that subtotal is presented. In addition, the guidance requires entities to disclose the income statement lines that contain the other components if they are not presented on appropriately described separate lines. The guidance became effective January 1, 2018 and did not have a material impact on the Company’s financial statements. As a result of adopting this guidance, the consolidated statement of income for the year ended December 31, 2017 was revised, which resulted in increases in Operations and Maintenance expense and Other Income (Expense), net of $0.8 million. Leases - The FASB issued guidance related to leases which requires lessees to recognize a lease liability (a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis) and a right-of-use asset (an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term). The guidance became effective on January 1, 2019. The Company elected the optional transition method of adoption option to apply the requirements of the standard in the period of adoption with no restatement of prior periods. The Company utilized the package of transition practical expedients provided by the new guidance, including carrying forward prior conclusions related to contracts that contain leases and lease classification. The Company also utilized the transition practical expedient permitting entities to forgo the evaluation of existing land easement arrangements to determine if they contain a lease. Land easement arrangements, or modifications to existing arrangements, entered into after adoption of this guidance will need to be evaluated to determine if they meet the definition of a lease. The adoption of this guidance resulted in the recording of a $6.7 million right-of-use asset, a $7.1 million lease liability and a $0.4 million regulatory asset on the Company’s consolidated balance sheet as of January 1, 2019. For further discussion, see “Leases” in Note 4 – Commitments and Contingent Liabilities. There are no other new adopted or proposed accounting guidance that the Company is aware of that could have a material impact on the Company’s consolidated financial statements.

800000 6700000 7100000

400000

500000

100000

5500000

245500000

0.096

P4Y

28700000

500000

1800000 1000

0.0335

500000

700000

0.03

2029-12-31

200000

We have recorded certain costs as regulatory assets because we expect full recovery of, or are currently recovering, these costs in the rates we charge customers. These deferred costs have been excluded from rate base and, therefore, we are not earning a return on the unamortized balances. These items are detailed as follows: <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="89.71631205673759%"> <thead> <tr class="odd" style=""> <td style="width:40%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:35%; vertical-align:bottom; "> (Thousands of Dollars) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:23%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:40%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:35%; vertical-align:bottom; "> December 31, </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:23%; vertical-align:bottom; "> Remaining </td> </tr> <tr class="odd" style=""> <td style="width:40%; vertical-align:bottom; "> Regulatory Assets </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:17%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2018 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:17%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2017 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:23%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Recovery Periods </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:40%; vertical-align:bottom; "> Retirement Benefits </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:15%; vertical-align:bottom; "> 44,281 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:15%; vertical-align:bottom; "> 39,158 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:23%; vertical-align:bottom; "> Various </td> </tr> <tr class="even" style=""> <td style="width:40%; vertical-align:bottom; "> Income Taxes </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:15%; vertical-align:bottom; "> 60,151 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:15%; vertical-align:bottom; "> 55,232 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:23%; vertical-align:bottom; "> Various </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:40%; vertical-align:bottom; "> Rate Cases, Tank Painting, and Other </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:15%; vertical-align:bottom; border-bottom:0.7pt solid; "> 6,047 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:15%; vertical-align:bottom; border-bottom:0.7pt solid; "> 4,846 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:23%; vertical-align:bottom; "> 2-10 years </td> </tr> <tr class="even" style=""> <td style="width:40%; vertical-align:bottom; "> Total </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> $ </td> <td style="width:15%; vertical-align:bottom; border-bottom:3px double;"> 110,479 </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> $ </td> <td style="width:15%; vertical-align:bottom; border-bottom:3px double;"> 99,236 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:111%; vertical-align:bottom; "> </td></tr></tbody> </table></div>

44281000

39158000

Various Various

60151000

55232000

Various Various

6047000

4846000

2-10 years 2-10 years

110479000

99236000

0.35

0.21

31500000

31700000

24200000

34600000

Income tax expense differs from the amount computed by applying the statutory rate on book income subject to tax for the following reasons: <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="89.71631205673759%"> <thead> <tr class="odd" style=""> <td style="width:61%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="11" style="width:38%; vertical-align:bottom; "> (Thousands of Dollars) </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="11" style="width:38%; vertical-align:bottom; "> Years Ended December 31, </td> </tr> <tr class="odd" style=""> <td style="width:61%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2019 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2018 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2017 </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; "> Income Tax at Statutory Rate </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 6,457 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 7,009 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 11,868 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> Tax Effect of: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; "> Utility Plant Related </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (802 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 422 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (1,016 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> Tangible Property Repairs </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (10,156 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (7,763 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; "> State Income Taxes – Net </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 1,173 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 1,207 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 895 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> Tax Act </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (610 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; border-bottom:0.7pt solid; "> Other </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 188 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 49 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (37 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; border-bottom:0.7pt solid; "> Total Income Tax Expense </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (3,140 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 924 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 11,100 </td> <td style="width:111%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td></tr></tbody> </table></div>

6457000

7009000

11868000

-802000

422000

-1016000

-10156000 -7763000

1173000

1207000

895000

610000

188000

49000

-37000

-3140000

924000

11100000

Income tax expense is comprised of the following: <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="89.71631205673759%"> <thead> <tr class="odd" style=""> <td style="width:61%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="11" style="width:38%; vertical-align:bottom; "> (Thousands of Dollars) </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="11" style="width:38%; vertical-align:bottom; "> Years Ended December 31, </td> </tr> <tr class="odd" style=""> <td style="width:61%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2019 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2018 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2017 </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> Current: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; "> Federal </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> (3,822 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> (188 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 2,090 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> State </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 2,246 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 2,073 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 1,066 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; "> Deferred: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> Federal </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (726 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (338 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 7,713 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; "> State </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (761 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (545 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 310 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; border-bottom:0.7pt solid; "> Investment Tax Credits </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (77 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (78 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (79 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; border-bottom:0.7pt solid; "> Total Income Tax Expense </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (3,140 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 924 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 11,100 </td> <td style="width:111%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td></tr></tbody> </table></div>

-3822000

-188000

2090000

2246000

2073000

1066000

-726000

-338000

7713000

-761000

-545000

310000

-77000

-78000

-79000

-3140000

924000

11100000

Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial purposes and the amounts used for income tax purposes. The components of the net deferred tax liability are as follows: <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="89.71631205673759%"> <thead> <tr class="odd" style=""> <td style="width:74%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:25%; vertical-align:bottom; "> (Thousands of Dollars) </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:25%; vertical-align:bottom; "> December 31, </td> </tr> <tr class="odd" style=""> <td style="width:74%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2019 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2018 </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:74%; vertical-align:bottom; "> Utility Plant Related </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 50,608 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 44,777 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Customer Advances </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (3,661 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (3,702 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:74%; vertical-align:bottom; "> Employee Benefits </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 6,543 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 5,490 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Investment Tax Credits (ITC) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 519 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 596 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid; "> Other </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 399 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 109 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid; "> Total Deferred Tax Liability and ITC </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 54,408 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 47,270 </td> <td style="width:111%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td></tr></tbody> </table></div>

50608000 44777000 3661000 3702000

6543000

5490000

519000 596000

-399000

-109000

54408000

47270000

17600000

2300000

4100000

800000

100000

1900000

500000

100000

2023-11-30

27000000

2021-02-27

3000000

15000000

Purchased water costs are shown below: <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="89.71631205673759%"> <thead> <tr class="odd" style=""> <td style="width:61%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="10" style="width:37%; vertical-align:bottom; "> (Millions of Dollars) </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="10" style="width:37%; vertical-align:bottom; "> Years Ended December 31, </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style=""> <td style="width:61%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2019 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2018 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2017 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; "> Untreated </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 3.4 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 3.6 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 2.8 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> Treated </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 3.2 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 3.2 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 3.3 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; "> Total Costs </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double;"> 6.6 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double;"> 6.8 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double;"> 6.1 </td> <td style="width:111%; vertical-align:bottom; "> </td></tr></tbody> </table></div>

3400000 3600000 2800000 3200000 3200000 3300000

6600000

6800000

6100000

1400000

1500000

2030 0.0403

700000

500000

1000

Information related to operating lease ROU assets and lease liabilities is as follows: <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="79.7872340425532%"> <thead> <tr class="odd" style=""> <td style="width:72%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:26%; vertical-align:bottom; "> (In Millions) </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:72%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:26%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> December 31, 2019 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:72%; vertical-align:bottom; "> ROU Asset at Least Inception </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:25%; vertical-align:bottom; "> 7.3 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:72%; vertical-align:bottom; "> Accumulated Amortization </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:25%; vertical-align:bottom; border-bottom:0.7pt solid; "> (1.4 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:72%; vertical-align:bottom; "> Current ROU Asset </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> $ </td> <td style="width:25%; vertical-align:bottom; border-bottom:3px double;"> 5.9 </td> <td style="width:125%; vertical-align:bottom; "> </td></tr></tbody> </table></div>

7300000 -1400000 5900000

The Company’s future minimum operating lease commitments as of December 31, 2019 are as follows: <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="79.7872340425532%"> <thead> <tr class="odd" style=""> <td style="width:72%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:26%; vertical-align:bottom; "> (In Millions) </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:72%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:26%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> December 31, 2019 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:72%; vertical-align:bottom; "> 2020 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:25%; vertical-align:bottom; "> 0.8 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:72%; vertical-align:bottom; "> 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:25%; vertical-align:bottom; "> 0.8 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:72%; vertical-align:bottom; "> 2022 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:25%; vertical-align:bottom; "> 0.8 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:72%; vertical-align:bottom; "> 2023 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:25%; vertical-align:bottom; "> 0.8 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:72%; vertical-align:bottom; "> 2024 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:25%; vertical-align:bottom; "> 0.8 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:72%; vertical-align:bottom; "> Thereafter </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:25%; vertical-align:bottom; border-bottom:0.7pt solid; "> 4.4 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:72%; vertical-align:bottom; "> Total Lease Payments </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:25%; vertical-align:bottom; "> 8.4 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:72%; vertical-align:bottom; "> Imputed Interest </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:25%; vertical-align:bottom; border-bottom:0.7pt solid; "> (2.0 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:72%; vertical-align:bottom; "> Present Value of Lease Payments </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:25%; vertical-align:bottom; "> 6.4 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:72%; vertical-align:bottom; "> Less Current Portion* </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:25%; vertical-align:bottom; border-bottom:0.7pt solid; "> (0.7 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:72%; vertical-align:bottom; "> Non-Current Lease Liability </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> $ </td> <td style="width:25%; vertical-align:bottom; border-bottom:3px double;"> 5.7 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td colspan="5" style="width:100%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; background-color: #FFFFFF; "> <td colspan="5" style="width:100%; vertical-align:bottom; "> * Included in Other Current Liabilities </td></tr></tbody> </table></div>

800000

4400000

8400000

-2000000.0

6400000

-700000

5700000

124000000 112000000 59000000 63000000

Information regarding the Company’s short-term borrowings for the years ended December 31, 2019 and 2018 is summarized below: <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="89.71631205673759%"> <thead> <tr class="odd" style=""> <td style="width:74%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:25%; vertical-align:bottom; "> (Millions of Dollars) </td> </tr> <tr class="even" style=""> <td style="width:74%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2019 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2018 </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:74%; vertical-align:bottom; "> Established Lines at Year-End </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 140.0 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 92.0 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Maximum Amount Outstanding </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 59.4 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 48.5 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:74%; vertical-align:bottom; "> Average Outstanding </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 52.4 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 37.3 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Notes Payable at Year-End </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 20.0 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 48.5 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:74%; vertical-align:bottom; "> Weighted Average Interest Rate </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 3.33 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 3.17 </td> <td style="width:1%; vertical-align:bottom; "> % </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Weighted Average Interest Rate at Year-End </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 2.86 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 3.57 </td> <td style="width:1%; vertical-align:bottom; "> % </td></tr></tbody> </table></div>

140000000.0

92000000.0

59400000

48500000

52400000

37300000

20000000.0

48500000

0.0333

0.0317

0.0286

0.0357

Note 6 - Capitalization All the transactions discussed below related to the issuance of securities were approved by either the NJBPU or DEPSC, except where otherwise noted. Common Stock In November 2019, the Company sold and issued 0.8 million shares of common stock in a public offering priced at $60.50 per share. The net proceeds of $43.7 million were used for general corporate purposes including repayment of a portion of the Company’s short-term debt. The Company issues shares of its common stock in connection with its Middlesex Water Company Investment Plan (the Investment Plan), a direct share purchase and dividend reinvestment plan for the Company’s common stock. Since the inception of the Investment Plan and its predecessor plan, the Company has periodically replenished the level of authorized shares in the plans. Currently, there remains 0.4 million shares registered with the SEC for the Investment Plan and available for potential issuance to participants. In January 2019, the Company activated a limited share purchase discount feature of the Investment Plan. Investment Plan participants were invited to purchase shares directly as well as reinvest their common stock dividends at a 5% discount. In August 2019, the 0.2 million share purchase limit was reached and the discount offer terminated. The Company raised approximately $12.7 million through the issuance of over 0.2 million shares under the Investment Plan during 2019. The Company issues shares under a restricted stock plan for certain management employees, which is described in Note 7 – Employee Benefit Plans. The Company maintains a stock plan for its outside directors (the Outside Director Stock Compensation Plan). For the years ended December 31, 2019, 2018 and 2017, 3,521, 4,004, and 3,976 shares, respectively, of Middlesex common stock were granted and issued to the Company’s outside directors under the Outside Director Stock Compensation Plan and 56,643 shares remain available for future awards. The maximum number of shares authorized for grant under the Outside Director Stock Compensation Plan is 100,000. In the event dividends on the preferred stock are in arrears, no dividends may be declared or paid on the common stock of the Company. <div> 53 <hr style="border-top:1.5pt solid #000000;"/> <div style="page-break-after: always;"/> <a href="#t001">Index</a> </div> Preferred Stock At December 31, 2019 and 2018, there were 0.1 million shares of preferred stock authorized and less than 0.1 million shares of preferred stock outstanding. There were no preferred stock dividends in arrears. The Company may not pay any dividends on its common stock unless full cumulative dividends to the preceding dividend date for all outstanding shares of preferred stock have been paid or set aside for payment. If four or more quarterly dividends are in arrears, the preferred shareholders, as a class, are entitled to elect two members to the Board of Directors in addition to Directors elected by holders of the common stock. In addition, if Middlesex were to liquidate, holders of preferred stock would be paid back the stated value of their preferred shares before any distributions could be made to common stockholders. The conversion feature of the no par $7.00 Series Cumulative and Convertible Preferred Stock allows the security holders to exchange one convertible preferred share for twelve shares of the Company's common stock. In addition, the Company may redeem up to 10% of the outstanding convertible stock in any calendar year at a price equal to the fair value of twelve shares of the Company's common stock for each share of convertible stock redeemed. In 2019, all remaining outstanding no par $8.00 Series Cumulative and Convertible Preferred Stock (3,000 shares or approximately $0.3 million) were converted into 41,142 shares of common stock. Long-term Debt Subject to regulatory approval, the Company periodically issues long-term debt to fund its investments in utility plant and other assets. To the extent possible, the Company finances qualifying capital projects under State Revolving Fund (SRF) loan programs in New Jersey and Delaware. These government programs provide financing at interest rates that are typically below rates available in the broader financial markets. A portion of the borrowings under the New Jersey SRF is interest-free. Under the New Jersey SRF program, borrowers first enter into a construction loan agreement with the New Jersey Infrastructure Bank (NJIB) at a below market interest rate. The interest rate on the Company’s current construction loan borrowings is zero percent (0%). When construction on the qualifying project is substantially complete, NJIB will coordinate the conversion of the construction loan into a long-term securitized loan with a portion of the principal balance having a stated interest rate of zero percent (0%) and a portion of the principal balance at a market interest rate at the time of closing using the credit rating of the State of New Jersey. The current term of the long-term loans offered through the NJIB is up to thirty years. The NJIB generally schedules its long-term debt financings in May and November. Middlesex currently has two projects that are in the construction loan phase of New Jersey SRF program: 1) In April 2018, the NJBPU approved Middlesex’s request to participate in the NJIB loan program to fund the construction of a large-diameter transmission pipeline from the Carl J. Olsen water treatment plant and interconnect with our distribution system. Middlesex closed on a $43.5 million NJIB interest-free construction loan in August 2018. Through December 31, 2019, Middlesex has drawn a total of $31.8 million and expects to draw down the remaining proceeds through the first quarter of 2020. 2) In March 2018, the NJBPU approved Middlesex’s request to participate in the NJIB loan program to fund the 2018 RENEW Program, which is an ongoing initiative to eliminate all unlined water distribution mains in the Middlesex system. Middlesex closed on an $8.7 million NJIB construction loan in September 2018 and completed drawing on the proceeds in October 2019. The Company expects that the large-diameter transmission pipeline and the 2018 RENEW construction loans will be included in the NJIB May 2020 long-term debt financing program. <div> 54 <hr style="border-top:1.5pt solid #000000;"/> <div style="page-break-after: always;"/> <a href="#t001">Index</a> </div> In September 2018, the NJIB announced changes to the SRF program for project funding priority ranking, the proportions of interest free loans and market interest rate loans and overall loan limits on interest free loan balances to investor-owned water utilities. These changes affect SRF projects for which the construction loan closes after September 2018. Under the new guidelines, the principal balance having a stated interest rate of zero percent (0%) is 25% of the loan balance with the remaining portion of 75% having a market based interest rate. This is limited to the first $10.0 million of the loan. Loan amounts above $10.0 million do not participate in the 0% rate program, but do participate at the market based interest rate. As a result of all these changes, the Company’s future capital funding plan does not include participating in the NJIB SRF program. In order to help ensure adherence to its comprehensive financing plan, Middlesex received approval from the NJBPU in February 2019 to issue and sell up to $140 million of First Mortgage Bonds (FMB) through the New Jersey Economic Development Authority (NJEDA) in one or more transactions through December 31, 2022. Because the interest paid to the bondholders is exempt from federal and New Jersey income taxes, the interest rate on debt issued through the NJEDA is generally lower than otherwise achievable in the traditional taxable corporate bond market. However, the interest received by the bondholder is subject to the Alternative Minimum Tax. In August 2019, Middlesex priced and closed on an NJEDA debt financing transaction of $53.7 million by issuing FMBs designated as Series 2019A ($32.5 million at coupon interest rate of 4.0%) and Series 2019B ($21.2 million at coupon interest rate of 5.0%). The proceeds, including an issuance premium of $7.1 million, are being used to finance several projects under the Water For Tomorrow capital program initiated by the Company to upgrade and replace aging water utility infrastructure. The total proceeds of $60.8 million, initially recorded as Restricted Cash on the balance sheet, is held in escrow by a bond trustee and are drawn down by requisition for the qualifying projects. Through December 31, 2019, Middlesex has drawn a total of $17.3 million and currently expects to draw the remaining $43.8 million of proceeds, currently included in Restricted Cash, through the third quarter of 2021. In May 2018, Middlesex repaid its RENEW 2017 interest-free construction loan by issuing to the NJIB FMBs in the amount of $9.5 million designated as Series 2018A ($7.1 million) and Series 2018B ($2.4 million). The interest rate on the Series 2018A bond is zero and the interest rate on the Series 2018B bond ranges between 3.0% and 5.0%. The final maturity date for both bonds is August 1, 2047, with scheduled debt service payments over the life of the loans. In March 2018, the DEPSC approved Tidewater’s request to borrow up to $0.9 million under the Delaware SRF program to fund the replacement of an entire water distribution system of a small Delaware community. Tidewater closed on the SRF loan in May 2018. In April 2019, Tidewater received approval from the DEPSC to increase the borrowing to $1.7 million based on revised project cost estimates. Tidewater closed on the additional SRF loan in October 2019. Through December 31, 2019, Tidewater has drawn a total of $1.3 million and expects to draw down the remaining proceeds through the first quarter of 2020. Bond Series QQ, RR, SS, 2019A and 2019B are term bonds with single maturity dates subsequent to 2024. Principal repayments for all series of the Company’s long-term debt except for Bond Series BB, CC, EE, FF and II extend beyond 2024. The aggregate annual principal repayment obligations for all long-term debt over the next five years are shown below: <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="39.8936170212766%"> <thead> <tr class="odd" style=""> <td style="width:25%; vertical-align:bottom; "> </td> <td style="width:25%; vertical-align:bottom; "> Year </td> <td style="width:50%; vertical-align:bottom; "> (Millions of Dollars) Annual Maturities </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:25%; vertical-align:bottom; "> </td> <td style="width:25%; vertical-align:bottom; "> 2020 </td> <td style="width:50%; vertical-align:bottom; "> $ 7.2 </td> </tr> <tr class="even" style=""> <td style="width:25%; vertical-align:bottom; "> </td> <td style="width:25%; vertical-align:bottom; "> 2021 </td> <td style="width:50%; vertical-align:bottom; "> $ 7.2 </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:25%; vertical-align:bottom; "> </td> <td style="width:25%; vertical-align:bottom; "> 2022 </td> <td style="width:50%; vertical-align:bottom; "> $ 6.7 </td> </tr> <tr class="even" style=""> <td style="width:25%; vertical-align:bottom; "> </td> <td style="width:25%; vertical-align:bottom; "> 2023 </td> <td style="width:50%; vertical-align:bottom; "> $ 6.2 </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:25%; vertical-align:bottom; "> </td> <td style="width:25%; vertical-align:bottom; "> 2024 </td> <td style="width:50%; vertical-align:bottom; "> $ 6.0 </td> </tr> <tr class="even" style=""> <td colspan="3" style="width:100%; vertical-align:bottom; "> * Included in Other Current Liabilities </td></tr></tbody> </table></div> <div> 55 <hr style="border-top:1.5pt solid #000000;"/> <div style="page-break-after: always;"/> <a href="#t001">Index</a> </div> The weighted average interest rate on all long-term debt at December 31, 2019 and 2018 was 3.17% and 3.30%, respectively. Except for the Amortizing Secured Notes ($33.6 million), all of the Company’s outstanding long-term debt has been issued through the NJEDA ($109.1 million), the NJIB SRF program ($82.7 million) and the Delaware SRF program ($8.9 million). In 2019, the NJIB de-obligated principal payments of $0.1 million on Series NN of the Company’s FMBs. Substantially all of the utility plant of the Company is subject to the lien of its mortgage, which includes debt service and capital ratio covenants. The Company is in compliance with all of its mortgage covenants and restrictions. Earnings Per Share The following table presents the calculation of basic and diluted earnings per share (EPS) for the years ended December 31, 2019, 2018 and 2017. Basic EPS is computed on the basis of the weighted average number of shares outstanding. Diluted EPS assumes the conversion of both the Convertible Preferred Stock $7.00 Series and $8.00 Series (fully converted into common stock in September 2019). <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="100%"> <thead> <tr class="odd" style=""> <td style="width:25%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="23" style="width:74%; vertical-align:bottom; "> (In Thousands, Except Per Share Amounts) </td> </tr> <tr class="even" style=""> <td style="width:25%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:24%; vertical-align:bottom; "> 2019 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:24%; vertical-align:bottom; "> 2018 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:24%; vertical-align:bottom; "> 2017 </td> </tr> <tr class="odd" style=""> <td style="width:25%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Basic: </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Income </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Shares </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Income </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Shares </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Income </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Shares </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:25%; vertical-align:bottom; "> Net Income </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 33,888 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 16,685 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 32,452 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 16,384 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 22,809 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 16,330 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:25%; vertical-align:bottom; "> Preferred Dividend </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (132 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (144 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (144 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:25%; vertical-align:bottom; "> <p style="font-family: Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; padding-left:0pt; text-indent: -12pt !important; padding-left: 12pt !important; margin-bottom: 0pt;color:#000000; ">Earnings Applicable to Common Stock </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 33,756 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 16,685 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 32,308 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 16,384 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 22,665 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 16,330 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:25%; vertical-align:bottom; "> Basic EPS </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 2.02 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 1.97 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 1.39 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:25%; vertical-align:bottom; border-bottom:0.7pt solid; "> Diluted: </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> </tr> <tr class="even" style=""> <td style="width:25%; vertical-align:bottom; "> <p style="font-family: Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; padding-left:0pt; text-indent: -12pt !important; padding-left: 12pt !important; margin-bottom: 0pt;color:#000000; ">Earnings Applicable to Common Stock </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 33,756 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 16,685 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 32,308 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 16,384 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 22,665 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 16,330 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:25%; vertical-align:bottom; "> $7.00 Series Dividend </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 67 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 115 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 67 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 115 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 67 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 115 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:25%; vertical-align:bottom; "> $8.00 Series Dividend </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 12 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 29 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 24 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 41 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 24 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 41 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:25%; vertical-align:bottom; "> <p style="font-family: Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; padding-left:0pt; text-indent: -12pt !important; padding-left: 12pt !important; margin-bottom: 0pt;color:#000000; ">Adjusted Earnings Applicable to Common Stock </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 33,835 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 16,829 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 32,399 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 16,540 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 22,756 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 16,486 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:25%; vertical-align:bottom; border-bottom:0.7pt solid; "> Diluted EPS </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 2.01 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 1.96 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 1.38 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:100%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td></tr></tbody> </table></div> Fair Value of Financial Instruments The following methods and assumptions were used by the Company in estimating its fair value disclosure for financial instruments for which it is practicable to estimate that value. The carrying amounts reflected in the consolidated balance sheets for cash and cash equivalents, accounts receivable, accounts payable and notes payable approximate their respective fair values due to the short-term maturities of these instruments. The fair value of First Mortgage and State Revolving Fund Bonds (collectively, the Bonds) issued by Middlesex is based on quoted market prices for similar issues. Under the fair value hierarchy, the fair value of cash and cash equivalents is classified as a Level 1 measurement and the fair value of notes payable and the Bonds in the table below are classified as Level 2 measurements. The carrying amount and fair value of the Bonds were as follows: <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="89.71631205673759%"> <thead> <tr class="odd" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="15" style="width:51%; vertical-align:bottom; "> (Thousands of Dollars) At December 31, </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:25%; vertical-align:bottom; "> 2019 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:25%; vertical-align:bottom; "> 2018 </td> </tr> <tr class="odd" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> Carrying </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> Fair </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> Carrying </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> Fair </td> </tr> <tr class="even" style=""> <td style="width:48%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Amount </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Value </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Amount </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Value </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:48%; vertical-align:bottom; "> Bonds </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 151,361 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 160,772 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 101,411 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 102,789 </td> <td style="width:111%; vertical-align:bottom; "> </td></tr></tbody> </table></div> <div> 56 <hr style="border-top:1.5pt solid #000000;"/> <div style="page-break-after: always;"/> <a href="#t001">Index</a> </div> For other long-term debt issuances for which there is no quoted market price and there is not an active trading market, it was not practicable to estimate their fair value. For details, including carrying value, interest rate and due date on these series of long-term debt, please refer to those series of long-term debt described as “Amortizing Secured Note”, “State Revolving Trust Note” and “Construction Loans” on the Consolidated Statements of Capital Stock and Long-Term Debt. The carrying amount of these instruments was $83.0 million and $61.5 million at December 31, 2019 and 2018, respectively. Customer advances for construction have carrying amounts of $23.9 million and $22.6 million at December 31, 2019 and 2018, respectively. Their relative fair values cannot be accurately estimated since future refund payments depend on several variables, including new customer connections, customer consumption levels and future rate increases.

800000

60.50

43700000

400000

12700000

200000

3521

4004

3976

56643

100000

0.10

3000

300000

41142

43500000

31800000

8700000

0.25 0.75 10000000.0

140000000

2022-12-31

53700000

0.040

60800000

17300000

43800000

9500000

7100000

2400000

0.030

0.050

2047-08-01

900000 1700000 1300000

Bond Series QQ, RR, SS, 2019A and 2019B are term bonds with single maturity dates subsequent to 2024. Principal repayments for all series of the Company’s long-term debt except for Bond Series BB, CC, EE, FF and II extend beyond 2024. The aggregate annual principal repayment obligations for all long-term debt over the next five years are shown below: <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="39.8936170212766%"> <thead> <tr class="odd" style=""> <td style="width:25%; vertical-align:bottom; "> </td> <td style="width:25%; vertical-align:bottom; "> Year </td> <td style="width:50%; vertical-align:bottom; "> (Millions of Dollars) Annual Maturities </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:25%; vertical-align:bottom; "> </td> <td style="width:25%; vertical-align:bottom; "> 2020 </td> <td style="width:50%; vertical-align:bottom; "> $ 7.2 </td> </tr> <tr class="even" style=""> <td style="width:25%; vertical-align:bottom; "> </td> <td style="width:25%; vertical-align:bottom; "> 2021 </td> <td style="width:50%; vertical-align:bottom; "> $ 7.2 </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:25%; vertical-align:bottom; "> </td> <td style="width:25%; vertical-align:bottom; "> 2022 </td> <td style="width:50%; vertical-align:bottom; "> $ 6.7 </td> </tr> <tr class="even" style=""> <td style="width:25%; vertical-align:bottom; "> </td> <td style="width:25%; vertical-align:bottom; "> 2023 </td> <td style="width:50%; vertical-align:bottom; "> $ 6.2 </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:25%; vertical-align:bottom; "> </td> <td style="width:25%; vertical-align:bottom; "> 2024 </td> <td style="width:50%; vertical-align:bottom; "> $ 6.0 </td> </tr> <tr class="even" style=""> <td colspan="3" style="width:100%; vertical-align:bottom; "> * Included in Other Current Liabilities </td></tr></tbody> </table></div>

7200000

6700000

6200000

6000000.0

0.0317

0.0330

33600000

109100000

82700000

100000

The following table presents the calculation of basic and diluted earnings per share (EPS) for the years ended December 31, 2019, 2018 and 2017. Basic EPS is computed on the basis of the weighted average number of shares outstanding. Diluted EPS assumes the conversion of both the Convertible Preferred Stock $7.00 Series and $8.00 Series (fully converted into common stock in September 2019). <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="100%"> <thead> <tr class="odd" style=""> <td style="width:25%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="23" style="width:74%; vertical-align:bottom; "> (In Thousands, Except Per Share Amounts) </td> </tr> <tr class="even" style=""> <td style="width:25%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:24%; vertical-align:bottom; "> 2019 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:24%; vertical-align:bottom; "> 2018 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:24%; vertical-align:bottom; "> 2017 </td> </tr> <tr class="odd" style=""> <td style="width:25%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Basic: </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Income </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Shares </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Income </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Shares </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Income </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Shares </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:25%; vertical-align:bottom; "> Net Income </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 33,888 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 16,685 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 32,452 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 16,384 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 22,809 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 16,330 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:25%; vertical-align:bottom; "> Preferred Dividend </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (132 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (144 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (144 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:25%; vertical-align:bottom; "> <p style="font-family: Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; padding-left:0pt; text-indent: -12pt !important; padding-left: 12pt !important; margin-bottom: 0pt;color:#000000; ">Earnings Applicable to Common Stock </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 33,756 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 16,685 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 32,308 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 16,384 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 22,665 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 16,330 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:25%; vertical-align:bottom; "> Basic EPS </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 2.02 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 1.97 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 1.39 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:25%; vertical-align:bottom; border-bottom:0.7pt solid; "> Diluted: </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> </tr> <tr class="even" style=""> <td style="width:25%; vertical-align:bottom; "> <p style="font-family: Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; padding-left:0pt; text-indent: -12pt !important; padding-left: 12pt !important; margin-bottom: 0pt;color:#000000; ">Earnings Applicable to Common Stock </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 33,756 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 16,685 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 32,308 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 16,384 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 22,665 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 16,330 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:25%; vertical-align:bottom; "> $7.00 Series Dividend </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 67 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 115 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 67 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 115 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 67 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 115 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:25%; vertical-align:bottom; "> $8.00 Series Dividend </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 12 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 29 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 24 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 41 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 24 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 41 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:25%; vertical-align:bottom; "> <p style="font-family: Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; padding-left:0pt; text-indent: -12pt !important; padding-left: 12pt !important; margin-bottom: 0pt;color:#000000; ">Adjusted Earnings Applicable to Common Stock </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 33,835 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 16,829 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 32,399 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 16,540 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 22,756 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 16,486 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:25%; vertical-align:bottom; border-bottom:0.7pt solid; "> Diluted EPS </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 2.01 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 1.96 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 1.38 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:100%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td></tr></tbody> </table></div>

33888000

16685000

32452000

16384000

22809000

16330000

132000

144000

33756000

32308000

22665000

2.02

1.97

1.39

33756000

32308000

22665000

67000 115000 67000 115000 67000 115000

29000 24000 41000 24000 41000

33835000

16829000

32399000

16540000

22756000

16486000

2.01

1.96

1.38

The following methods and assumptions were used by the Company in estimating its fair value disclosure for financial instruments for which it is practicable to estimate that value. The carrying amounts reflected in the consolidated balance sheets for cash and cash equivalents, accounts receivable, accounts payable and notes payable approximate their respective fair values due to the short-term maturities of these instruments. The fair value of First Mortgage and State Revolving Fund Bonds (collectively, the Bonds) issued by Middlesex is based on quoted market prices for similar issues. Under the fair value hierarchy, the fair value of cash and cash equivalents is classified as a Level 1 measurement and the fair value of notes payable and the Bonds in the table below are classified as Level 2 measurements. The carrying amount and fair value of the Bonds were as follows: <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="89.71631205673759%"> <thead> <tr class="odd" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="15" style="width:51%; vertical-align:bottom; "> (Thousands of Dollars) At December 31, </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:25%; vertical-align:bottom; "> 2019 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:25%; vertical-align:bottom; "> 2018 </td> </tr> <tr class="odd" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> Carrying </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> Fair </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> Carrying </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> Fair </td> </tr> <tr class="even" style=""> <td style="width:48%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Amount </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Value </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Amount </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Value </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:48%; vertical-align:bottom; "> Bonds </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 151,361 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 160,772 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 101,411 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 102,789 </td> <td style="width:111%; vertical-align:bottom; "> </td></tr></tbody> </table></div>

151361000 160772000 101411000 102789000

83000000.0

61500000

Note 7 - Employee Benefit Plans Pension Benefits The Company’s Pension Plan covers all active employees hired prior to April 1, 2007. Employees hired after March 31, 2007 are not eligible to participate in this plan, but can participate in a defined contribution profit sharing plan that provides an annual contribution at the discretion of the Company, based upon a percentage of the participants’ annual paid compensation. In order to be eligible for contribution, the eligible employee must be employed by the Company on December 31st of the year to which the contribution relates. The Company maintains an unfunded supplemental plan for a limited number of its executive officers. The Accumulated Benefit Obligation for the Company’s Pension Plan at December 31, 2019 and 2018 was $87.6 million and $73.1 million, respectively. Other Benefits The Company’s Other Benefits Plan covers substantially all of its current retired employees. Employees hired after March 31, 2007 are not eligible to participate in this plan. Coverage includes healthcare and life insurance. Accrued retirement benefit costs are recorded each year. Regulatory Treatment of Over/Underfunded Retirement Obligations Because the Company is subject to regulation in the states in which it operates, it is required to maintain its accounts in accordance with the regulatory authority’s rules and guidelines, which may differ from other authoritative accounting pronouncements. In those instances, the Company follows the guidance of ASC 980, Regulated Operations. Based on prior regulatory practice, and in accordance with the guidance in ASC 980, Regulated Operations, the Company records underfunded Pension Plan and Other Benefits Plan obligation costs, which otherwise would be recognized in Other Comprehensive Income under ASC 715, Compensation – Retirement Benefits, as a Regulatory Asset, and expects to recover those costs in rates charged to customers. <div> 57 <hr style="border-top:1.5pt solid #000000;"/> <div style="page-break-after: always;"/> <a href="#t001">Index</a> </div> The Company uses a December 31 measurement date for all of its employee benefit plans. The tables below set forth information relating to the Company’s Pension Plan and Other Benefits Plan for 2019 and 2018. <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="100%"> <thead> <tr class="odd" style=""> <td style="width:50%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="15" style="width:49%; vertical-align:bottom; "> (Thousands of Dollars) </td> </tr> <tr class="even" style=""> <td style="width:50%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:24%; vertical-align:bottom; "> Pension Plan </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:24%; vertical-align:bottom; "> Other Benefits Plan </td> </tr> <tr class="odd" style=""> <td style="width:50%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="15" style="width:49%; vertical-align:bottom; "> December 31, </td> </tr> <tr class="even" style=""> <td style="width:50%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2019 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2018 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2019 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2018 </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:50%; vertical-align:bottom; "> Change in Projected Benefit Obligation: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:50%; vertical-align:bottom; "> Beginning Balance </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 83,927 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 88,013 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 48,474 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 54,345 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:50%; vertical-align:bottom; "> Service Cost </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 2,171 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 2,426 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 839 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 1,135 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:50%; vertical-align:bottom; "> Interest Cost </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 3,426 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 3,061 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 1,984 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 1,898 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:50%; vertical-align:bottom; "> Actuarial (Gain) Loss </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 14,188 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (7,018 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 4,671 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (8,160 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> </tr> <tr class="even" style=""> <td style="width:50%; vertical-align:bottom; border-bottom:0.7pt solid; "> Benefits Paid </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (2,821 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (2,555 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (802 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (744 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:50%; vertical-align:bottom; border-bottom:0.7pt solid; "> Ending Balance </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 100,891 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 83,927 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 55,166 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 48,474 </td> <td style="width:100%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> </tr> </tbody> </table> </div> <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="100%"> <thead> <tr class="odd" style=""> <td style="width:50%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="15" style="width:49%; vertical-align:bottom; "> (Thousands of Dollars) </td> </tr> <tr class="even" style=""> <td style="width:50%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:24%; vertical-align:bottom; "> Pension Plan </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:24%; vertical-align:bottom; "> Other Benefits Plan </td> </tr> <tr class="odd" style=""> <td style="width:50%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="15" style="width:49%; vertical-align:bottom; "> December 31, </td> </tr> <tr class="even" style=""> <td style="width:50%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2019 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2018 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2019 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2018 </td> </tr> <tr class="odd" style=""> <td style="width:50%; vertical-align:bottom; "> Change in Fair Value of Plan Assets: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:50%; vertical-align:bottom; "> Beginning Balance </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 66,771 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 69,215 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 34,622 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 36,083 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:50%; vertical-align:bottom; "> Actual Return on Plan Assets </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 12,753 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (3,524 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 5,192 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (2,161 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:50%; vertical-align:bottom; "> Employer Contributions </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 3,677 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 3,635 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 1,601 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 1,444 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:50%; vertical-align:bottom; border-bottom:0.7pt solid; "> Benefits Paid </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (2,821 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (2,555 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (802 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (744 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:50%; vertical-align:bottom; border-bottom:0.7pt solid; "> Ending Balance </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 80,380 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 66,771 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 40,613 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 34,622 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> </tr> <tr class="even" style=""> <td style="width:50%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:50%; vertical-align:bottom; "> Funded Status </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> (20,511 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> (17,156 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> (14,553 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> (13,852 </td> <td style="width:1%; vertical-align:bottom; "> ) </td></tr></tbody> </table></div> <div> 58 <hr style="border-top:1.5pt solid #000000;"/> <div style="page-break-after: always;"/> <a href="#t001">Index</a> </div> <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="100%"> <thead> <tr class="odd" style=""> <td style="width:50%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="15" style="width:49%; vertical-align:bottom; "> (Thousands of Dollars) </td> </tr> <tr class="even" style=""> <td style="width:50%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:24%; vertical-align:bottom; "> Pension Plan </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:24%; vertical-align:bottom; "> Other Benefits Plan </td> </tr> <tr class="odd" style=""> <td style="width:50%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="15" style="width:49%; vertical-align:bottom; "> December 31, </td> </tr> <tr class="even" style=""> <td style="width:50%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2019 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2018 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2019 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2018 </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:50%; vertical-align:bottom; "> <p style="font-family: Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; padding-left:0pt; text-indent: -12pt !important; padding-left: 12pt !important; margin-bottom: 0pt;color:#000000; ">Amounts Recognized in the Consolidated Balance Sheets consist of : </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:50%; vertical-align:bottom; "> Current Liability </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 393 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 347 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:50%; vertical-align:bottom; border-bottom:0.7pt solid; "> Noncurrent Liability </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 20,118 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 16,809 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 14,553 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 13,852 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> </tr> <tr class="even" style=""> <td style="width:50%; vertical-align:bottom; border-bottom:0.7pt solid; "> Net Liability Recognized </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 20,511 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 17,156 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 14,553 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 13,852 </td> <td style="width:100%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td></tr></tbody> </table></div> <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="100%"> <thead> <tr class="odd" style=""> <td style="width:22%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="23" style="width:77%; vertical-align:bottom; "> (Thousands of Dollars) </td> </tr> <tr class="even" style=""> <td style="width:22%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="11" style="width:38%; vertical-align:bottom; "> Pension Plan </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="11" style="width:38%; vertical-align:bottom; "> Other Benefits Plan </td> </tr> <tr class="odd" style=""> <td style="width:22%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="23" style="width:77%; vertical-align:bottom; "> Years Ended December 31, </td> </tr> <tr class="even" style=""> <td style="width:22%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2019 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2018 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2017 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2019 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2018 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2017 </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:22%; vertical-align:bottom; "> <p style="font-family: Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; padding-left:0pt; text-indent: -12pt !important; padding-left: 12pt !important; margin-bottom: 0pt;color:#000000; ">Components of Net Periodic Benefit Cost </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:22%; vertical-align:bottom; "> Service Cost </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 2,171 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 2,426 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 2,399 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 839 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 1,135 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 1,089 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:22%; vertical-align:bottom; "> Interest Cost </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 3,426 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 3,061 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 3,143 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 1,984 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 1,898 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 1,964 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:22%; vertical-align:bottom; "> <p style="font-family: Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; padding-left:0pt; text-indent: -12pt !important; padding-left: 12pt !important; margin-bottom: 0pt;color:#000000; ">Expected Return on Plan Assets </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (4,694 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (4,871 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (4,489 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (2,451 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (2,550 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (2,406 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:22%; vertical-align:bottom; "> <p style="font-family: Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; padding-left:0pt; text-indent: -12pt !important; padding-left: 12pt !important; margin-bottom: 0pt;color:#000000; ">Amortization of Net Actuarial Loss </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 1,618 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 1,658 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 1,566 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 1,319 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 1,787 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 1,781 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:22%; vertical-align:bottom; border-bottom:0.7pt solid; "> <p style="font-family: Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; padding-left:0pt; text-indent: -12pt !important; padding-left: 12pt !important; margin-bottom: 0pt;color:#000000; ">Amortization of Prior Service Credit </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> — </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> — </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> — </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> — </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (1,607 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (1,728 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:22%; vertical-align:bottom; border-bottom:0.7pt solid; "> Net Periodic Benefit Cost* </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 2,521 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 2,274 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 2,619 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 1,691 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 663 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 700 </td> <td style="width:100%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> </tr> </tbody> </table> </div> *Service cost is included in Operations and Maintenance expense on the consolidated statements of income; all other amounts are included in Other Income (Expense), net. Amounts that are expected to be amortized from Regulatory Assets into Net Periodic Benefit Cost in 2020 are as follows: <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="39.8936170212766%"> <thead> <tr class="odd" style=""> <td style="width:66%; vertical-align:bottom; "> </td> <td style="width:3%; vertical-align:bottom; "> </td> <td colspan="5" style="width:31%; vertical-align:bottom; "> (Thousands of Dollars) </td> </tr> <tr class="even" style=""> <td style="width:66%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td style="width:3%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="2" style="width:13%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Pension Plan </td> <td style="width:5%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="2" style="width:13%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Other Benefits Plan </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:66%; vertical-align:bottom; "> Actuarial Loss </td> <td style="width:3%; vertical-align:bottom; "> </td> <td style="width:3%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 2,059 </td> <td style="width:5%; vertical-align:bottom; "> </td> <td style="width:3%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 1,351 </td></tr></tbody> </table></div> The discount rate and compensation increase rate for determining our postretirement benefit plans’ benefit obligations and costs as of and for the years ended December 31, 2019, 2018 and 2017, respectively, are as follows: Pension Plan Other Benefits Plan <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="100%"> <thead> <tr class="odd" style=""> <td style="width:40%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:28%; vertical-align:bottom; "> Pension Plan </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:28%; vertical-align:bottom; "> Other Benefits Plan </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:40%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2019 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2018 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2017 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2019 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2018 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2017 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:40%; vertical-align:bottom; "> Weighted Average Assumptions: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:40%; vertical-align:bottom; "> Expected Return on Plan Assets </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 7.00 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 7.00 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 7.50 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 7.00 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 7.00 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 7.50 </td> <td style="width:1%; vertical-align:bottom; "> % </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:40%; vertical-align:bottom; "> Discount Rate for: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:40%; vertical-align:bottom; "> Benefit Obligation </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 3.12 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 4.15 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 3.53 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 3.12 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 4.15 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 3.53 </td> <td style="width:1%; vertical-align:bottom; "> % </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:40%; vertical-align:bottom; "> Benefit Cost </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 4.15 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 3.53 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 4.06 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 4.15 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 3.53 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 4.06 </td> <td style="width:1%; vertical-align:bottom; "> % </td> </tr> <tr class="even" style=""> <td style="width:40%; vertical-align:bottom; "> Compensation Increase for: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:40%; vertical-align:bottom; "> Benefit Obligation </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 3.00 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 3.00 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 3.00 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 3.00 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 3.00 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 3.00 </td> <td style="width:1%; vertical-align:bottom; "> % </td> </tr> <tr class="even" style=""> <td style="width:40%; vertical-align:bottom; "> Benefit Cost </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 3.00 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 3.00 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 3.00 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 3.00 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 3.00 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 3.00 </td> <td style="width:1%; vertical-align:bottom; "> % </td></tr></tbody> </table></div> The compensation increase assumption for the Other Benefits Plan is attributable to life insurance provided to qualifying employees upon their retirement. The insurance coverage will be determined based on the employee’s base compensation as of their retirement date. The Company utilizes the Society of Actuaries’ mortality table (Pri-2012) (Mortality Improvement Scale MP2019 for the 2019 valuation). For the 2019 valuation, costs and obligations for our Other Benefits Plan assumed an 8.0% annual rate of increase in the per capita cost of covered healthcare benefits in 2020 with the annual rate of increase declining 1.0% per year for 2021-2022 and 0.5% per year for 2023-2024, resulting in an annual rate of increase in the per capita cost of covered healthcare benefits of 5% by year 2024. <div> 59 <hr style="border-top:1.5pt solid #000000;"/> <div style="page-break-after: always;"/> <a href="#t001">Index</a> </div> A one-percentage point change in assumed healthcare cost trend rates would have the following effects on the Other Benefits Plan: <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="89.71631205673759%"> <thead> <tr class="odd" style=""> <td style="width:73%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="5" style="width:25%; vertical-align:bottom; "> (Thousands of Dollars) 1 Percentage Point </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:73%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Increase </td> <td style="width:3%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Decrease </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:73%; vertical-align:bottom; "> Effect on Current Year Service and Interest Costs </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 545 </td> <td style="width:3%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> (424 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> </tr> <tr class="even" style=""> <td style="width:73%; vertical-align:bottom; "> Effect on Projected Benefit Obligation </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 9,036 </td> <td style="width:3%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> (7,143 </td> <td style="width:1%; vertical-align:bottom; "> ) </td></tr></tbody> </table></div> The following benefit payments, which reflect expected future service, are expected to be paid: <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="89.71631205673759%"> <thead> <tr class="odd" style=""> <td style="width:72%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:27%; vertical-align:bottom; "> (Thousands of Dollars) </td> </tr> <tr class="even" style=""> <td style="width:72%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Year </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Pension Plan </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:14%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Other Benefits Plan </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:72%; vertical-align:bottom; "> 2020 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 3,152 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:12%; vertical-align:bottom; "> 1,426 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:72%; vertical-align:bottom; "> 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 3,144 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:12%; vertical-align:bottom; "> 1,639 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:72%; vertical-align:bottom; "> 2022 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 3,309 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:12%; vertical-align:bottom; "> 1,916 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:72%; vertical-align:bottom; "> 2023 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 3,720 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:12%; vertical-align:bottom; "> 2,006 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:72%; vertical-align:bottom; "> 2024 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 4,652 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:12%; vertical-align:bottom; "> 2,089 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:72%; vertical-align:bottom; "> 2025-2029 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 26,501 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:12%; vertical-align:bottom; border-bottom:0.7pt solid; "> 11,652 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:72%; vertical-align:bottom; "> Totals </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double;"> 44,478 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> $ </td> <td style="width:12%; vertical-align:bottom; border-bottom:3px double;"> 20,728 </td> <td style="width:1%; vertical-align:bottom; "> </td></tr></tbody> </table></div> Benefit Plans Assets The allocation of plan assets at December 31, 2019 and 2018 by asset category is as follows: <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="89.71631205673759%"> <thead> <tr class="odd" style=""> <td style="width:22%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="10" style="width:37%; vertical-align:bottom; "> Pension Plan </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="10" style="width:37%; vertical-align:bottom; "> Other Benefits Plan </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:22%; vertical-align:bottom; "> Asset Category </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2019 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2018 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Target </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2019 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2018 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Target </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:22%; vertical-align:bottom; "> Equity Securities </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 61.5 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 59.5 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 55 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 60.0 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 54.7 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 43 </td> <td style="width:1%; vertical-align:bottom; "> % </td> </tr> <tr class="even" style=""> <td style="width:22%; vertical-align:bottom; "> Debt Securities </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 36.5 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 36.5 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 38 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 33.0 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 37.3 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 50 </td> <td style="width:1%; vertical-align:bottom; "> % </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:22%; vertical-align:bottom; "> Cash </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 0.5 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 1.6 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 2 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 7.0 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 8.0 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 2 </td> <td style="width:1%; vertical-align:bottom; "> % </td> </tr> <tr class="even" style=""> <td style="width:22%; vertical-align:bottom; "> Real Estate/Commodities </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 1.5 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 2.4 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 5 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 0.0 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 0.0 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 5 </td> <td style="width:1%; vertical-align:bottom; "> % </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:22%; vertical-align:bottom; "> Total </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double;"> 100.0 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double;"> 100.0 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double;"> 100.0 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double;"> 100.0 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td></tr></tbody> </table></div> Two outside investment firms each manage a portion of the Pension Plan asset portfolio. One of those investment firms also manages the Other Benefits Plan asset portfolio. Quarterly meetings are held between the Company’s Pension Committee of the Board of Directors and the investment managers to review their performance and asset allocation. If the actual asset allocation is outside the targeted range, the Pension Committee reviews current market conditions and advice provided by the investment managers to determine the appropriateness of rebalancing the portfolio. The objective of the Company is to maximize the long-term return on retirement plan assets, relative to a reasonable level of risk, maintain a diversified investment portfolio and maintain compliance with the Employee Retirement Income Security Act of 1974. The expected long-term rate of return is based on the various asset categories in which plan assets are invested and the current expectations and historical performance for these categories. Equity securities include Middlesex common stock in the amounts of $1.2 million (1.6% of total Pension Plan assets) and $1.0 million (1.6% of total Pension Plan assets) as of December 31, 2019 and 2018, respectively. <div> 60 <hr style="border-top:1.5pt solid #000000;"/> <div style="page-break-after: always;"/> <a href="#t001">Index</a> </div> Fair Value Measurements Accounting guidance provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described as follows: • Level 1 – Inputs to the valuation methodology are unadjusted quoted market prices for identical assets or liabilities in accessible active markets. • Level 2 – Inputs to the valuation methodology that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. If the asset or liability has a specified contractual term, the Level 2 input must be observable for substantially the full term of the asset or liability. • Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Certain investments in cash and cash equivalents, equity securities, and commodities are valued based on quoted market prices in active markets and are classified as Level 1 investments. Certain investments in cash and cash equivalents, equity securities and fixed income securities are valued using prices received from pricing vendors that utilize observable inputs and are therefore classified as Level 2 investments. The following tables present Middlesex’s Pension Plan assets measured and recorded at fair value within the fair value hierarchy: <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="89.71631205673759%"> <thead> <tr class="odd" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="15" style="width:51%; vertical-align:bottom; "> (Thousands of Dollars) </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="15" style="width:51%; vertical-align:bottom; "> As of December 31, 2019 </td> </tr> <tr class="odd" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Level 1 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Level 2 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Level 3 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Total </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:48%; vertical-align:bottom; "> Mutual Funds </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 69,565 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 69,565 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Money Market Funds </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 397 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 397 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:48%; vertical-align:bottom; "> Common Equity Securities </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 10,418 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 10,418 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Total Investments </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double;"> 80,380 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double;"> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double;"> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double;"> 80,380 </td> <td style="width:111%; vertical-align:bottom; "> </td> </tr> </tbody> </table> </div> <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="89.71631205673759%"> <thead> <tr class="odd" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="15" style="width:51%; vertical-align:bottom; "> (Thousands of Dollars) </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="15" style="width:51%; vertical-align:bottom; "> As of December 31, 2018 </td> </tr> <tr class="odd" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Level 1 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Level 2 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Level 3 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Total </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:48%; vertical-align:bottom; "> Mutual Funds </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 57,014 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 57,014 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Money Market Funds </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 1,074 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 1,074 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:48%; vertical-align:bottom; "> Common Equity Securities </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 8,683 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 8,683 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Total Investments </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double;"> 66,771 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double;"> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double;"> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double;"> 66,771 </td> <td style="width:111%; vertical-align:bottom; "> </td> </tr> </tbody> </table> </div> The following tables present Middlesex’s Other Benefits Plan assets measured and recorded at fair value within the fair value hierarchy: <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="89.71631205673759%"> <thead> <tr class="odd" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="15" style="width:51%; vertical-align:bottom; "> (Thousands of Dollars) </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="15" style="width:51%; vertical-align:bottom; "> As of December 31, 2019 </td> </tr> <tr class="odd" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Level 1 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Level 2 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Level 3 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Total </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:48%; vertical-align:bottom; "> Mutual Funds </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 24,361 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 24,361 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Money Market Funds </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 2,859 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 2,859 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:48%; vertical-align:bottom; "> Agency/US/State/Municipal Debt </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 13,393 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 13,393 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Total Investments </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double;"> 27,220 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double;"> 13,393 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double;"> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double;"> 40,613 </td> <td style="width:111%; vertical-align:bottom; "> </td> </tr> </tbody> </table> </div> <div> 61 <hr style="border-top:1.5pt solid #000000;"/> <div style="page-break-after: always;"/> <a href="#t001">Index</a> </div> <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="89.71631205673759%"> <thead> <tr class="odd" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="15" style="width:51%; vertical-align:bottom; "> (Thousands of Dollars) </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="15" style="width:51%; vertical-align:bottom; "> As of December 31, 2018 </td> </tr> <tr class="odd" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Level 1 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Level 2 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Level 3 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Total </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:48%; vertical-align:bottom; "> Mutual Funds </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 18,924 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 18,924 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Money Market Funds </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 2,769 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 2,769 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:48%; vertical-align:bottom; "> Agency/US/State/Municipal Debt </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 12,929 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 12,929 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Total Investments </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double;"> 21,693 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double;"> 12,929 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double;"> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double;"> 34,622 </td> <td style="width:111%; vertical-align:bottom; "> </td></tr></tbody> </table></div> Benefit Plans Contributions For the Pension Plan, Middlesex made total cash contributions of $3.7 million in 2019 and expects to make approximately $3.4 million of cash contributions in 2020. For the Other Benefits Plan, Middlesex made total cash contributions of $1.6 million in 2019 and expects to make approximately $1.6 million of cash contributions in 2020. 401(k) Plan The Company maintains a 401(k) defined contribution plan, which covers substantially all employees with more than 1,000 hours of service. Under the terms of the Plan, the Company matches 100% of a participant’s contributions, which do not exceed 1% of a participant’s compensation, plus 50% of a participant’s contributions exceeding 1%, but not more than 6%. The Company’s matching contribution was $0.7 million, $0.6 million and $0.6 million for the years ended December 31, 2019, 2018 and 2017, respectively. For those employees hired after March 31, 2007, and still actively employed on December 31, 2019, the Company approved, and will fund, a discretionary contribution of $0.7 million which was based on 5.0% of eligible 2019 compensation. For the years ended December 31, 2018 and 2017, the Company made discretionary contributions of $0.6 million and $0.5 million, respectively, for qualifying employees. Stock-Based Compensation The Company has a stock compensation plan for certain management employees (the 2018 Restricted Stock Plan). Shares issued in connection with the 2018 Restricted Stock Plan are subject to forfeiture by the employee in the event of termination of employment within five years of the award other than as a result of normal retirement, death, disability or change in control. The maximum number of shares authorized for grant under the 2018 Restricted Stock Plan is 0.3 million shares, of which approximately 94% remain available for award. The Company recognizes compensation expense at fair value for the 2018 Restricted Stock Plan awards in accordance with ASC 718, Compensation – Stock Compensation. Compensation expense is determined by the market value of the stock on the date of the award and is being amortized over a five-year period. <div> 62 <hr style="border-top:1.5pt solid #000000;"/> <div style="page-break-after: always;"/> <a href="#t001">Index</a> </div> The following table presents information on the 2018 Restricted Stock Plan: <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="89.71631205673759%"> <thead> <tr class="odd" style=""> <td style="width:61%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Shares (thousands) </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Unearned Compensation (thousands) </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Weighted Average Grant Price </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; "> Balance, January 1, 2017 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 132 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 1,764 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> Granted </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 22 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 799 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 36.95 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; "> Vested </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (20 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> Forfeited </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (2 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (54 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; border-bottom:0.7pt solid; "> Amortization of Compensation Expense </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> — </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (724 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; border-bottom:0.7pt solid; "> Balance, December 31, 2017 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 132 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 1,785 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; "> Granted </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 22 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 827 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 36.53 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> Vested </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (27 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; "> Forfeited </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (2 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (18 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; border-bottom:0.7pt solid; "> Amortization of Compensation Expense </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> — </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (956 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; border-bottom:0.7pt solid; "> Balance, December 31, 2018 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 125 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 1,638 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> Granted </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 18 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 975 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 55.99 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; "> Vested </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (28 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> Forfeited </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (18 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; border-bottom:0.7pt solid; "> Amortization of Compensation Expense </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> — </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (907 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; border-bottom:0.7pt solid; "> Balance, December 31, 2019 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 97 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 1,706 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:111%; vertical-align:bottom; "> </td></tr></tbody> </table></div> The fair value of vested restricted shares was $1.7 million and $1.3 million as of December 31, 2019 and 2018, respectively.

87600000

73100000

The Company uses a December 31 measurement date for all of its employee benefit plans. The tables below set forth information relating to the Company’s Pension Plan and Other Benefits Plan for 2019 and 2018. <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="100%"> <thead> <tr class="odd" style=""> <td style="width:50%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="15" style="width:49%; vertical-align:bottom; "> (Thousands of Dollars) </td> </tr> <tr class="even" style=""> <td style="width:50%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:24%; vertical-align:bottom; "> Pension Plan </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:24%; vertical-align:bottom; "> Other Benefits Plan </td> </tr> <tr class="odd" style=""> <td style="width:50%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="15" style="width:49%; vertical-align:bottom; "> December 31, </td> </tr> <tr class="even" style=""> <td style="width:50%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2019 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2018 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2019 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2018 </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:50%; vertical-align:bottom; "> Change in Projected Benefit Obligation: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:50%; vertical-align:bottom; "> Beginning Balance </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 83,927 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 88,013 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 48,474 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 54,345 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:50%; vertical-align:bottom; "> Service Cost </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 2,171 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 2,426 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 839 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 1,135 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:50%; vertical-align:bottom; "> Interest Cost </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 3,426 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 3,061 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 1,984 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 1,898 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:50%; vertical-align:bottom; "> Actuarial (Gain) Loss </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 14,188 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (7,018 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 4,671 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (8,160 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> </tr> <tr class="even" style=""> <td style="width:50%; vertical-align:bottom; border-bottom:0.7pt solid; "> Benefits Paid </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (2,821 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (2,555 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (802 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (744 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:50%; vertical-align:bottom; border-bottom:0.7pt solid; "> Ending Balance </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 100,891 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 83,927 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 55,166 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 48,474 </td> <td style="width:100%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> </tr> </tbody> </table> </div> <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="100%"> <thead> <tr class="odd" style=""> <td style="width:50%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="15" style="width:49%; vertical-align:bottom; "> (Thousands of Dollars) </td> </tr> <tr class="even" style=""> <td style="width:50%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:24%; vertical-align:bottom; "> Pension Plan </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:24%; vertical-align:bottom; "> Other Benefits Plan </td> </tr> <tr class="odd" style=""> <td style="width:50%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="15" style="width:49%; vertical-align:bottom; "> December 31, </td> </tr> <tr class="even" style=""> <td style="width:50%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2019 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2018 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2019 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2018 </td> </tr> <tr class="odd" style=""> <td style="width:50%; vertical-align:bottom; "> Change in Fair Value of Plan Assets: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:50%; vertical-align:bottom; "> Beginning Balance </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 66,771 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 69,215 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 34,622 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 36,083 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:50%; vertical-align:bottom; "> Actual Return on Plan Assets </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 12,753 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (3,524 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 5,192 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (2,161 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:50%; vertical-align:bottom; "> Employer Contributions </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 3,677 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 3,635 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 1,601 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 1,444 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:50%; vertical-align:bottom; border-bottom:0.7pt solid; "> Benefits Paid </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (2,821 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (2,555 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (802 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (744 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:50%; vertical-align:bottom; border-bottom:0.7pt solid; "> Ending Balance </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 80,380 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 66,771 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 40,613 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 34,622 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> </tr> <tr class="even" style=""> <td style="width:50%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:50%; vertical-align:bottom; "> Funded Status </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> (20,511 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> (17,156 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> (14,553 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> (13,852 </td> <td style="width:1%; vertical-align:bottom; "> ) </td></tr></tbody> </table></div>

83927000

88013000

48474000

54345000

2171000

2426000

839000

1135000

3426000

3061000

1984000

1898000

-14188000

7018000

-4671000

8160000

2821000

2555000

802000

744000

100891000

83927000

55166000

48474000

66771000

69215000

34622000

36083000

12753000

-3524000

5192000

-2161000

3677000

3635000

1601000

1444000

2821000

2555000

802000

744000

80380000

66771000

40613000

34622000

-20511000

-17156000

-14553000

-13852000

393000

347000

20118000

16809000

14553000

13852000

20511000

17156000

14553000

13852000

2171000

2426000

2399000

839000

1135000

1089000

3426000

3061000

3143000

1984000

1898000

1964000

4694000

4871000

4489000

2451000

2550000

2406000

-1618000

-1658000

-1566000

-1319000

-1787000

-1781000

-1607000

-1728000

2521000

2274000

2619000

1691000

663000

700000

Amounts that are expected to be amortized from Regulatory Assets into Net Periodic Benefit Cost in 2020 are as follows: <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="39.8936170212766%"> <thead> <tr class="odd" style=""> <td style="width:66%; vertical-align:bottom; "> </td> <td style="width:3%; vertical-align:bottom; "> </td> <td colspan="5" style="width:31%; vertical-align:bottom; "> (Thousands of Dollars) </td> </tr> <tr class="even" style=""> <td style="width:66%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td style="width:3%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="2" style="width:13%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Pension Plan </td> <td style="width:5%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="2" style="width:13%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Other Benefits Plan </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:66%; vertical-align:bottom; "> Actuarial Loss </td> <td style="width:3%; vertical-align:bottom; "> </td> <td style="width:3%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 2,059 </td> <td style="width:5%; vertical-align:bottom; "> </td> <td style="width:3%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 1,351 </td></tr></tbody> </table></div> 2059000 1351000

The discount rate and compensation increase rate for determining our postretirement benefit plans’ benefit obligations and costs as of and for the years ended December 31, 2019, 2018 and 2017, respectively, are as follows: Pension Plan Other Benefits Plan <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="100%"> <thead> <tr class="odd" style=""> <td style="width:40%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:28%; vertical-align:bottom; "> Pension Plan </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:28%; vertical-align:bottom; "> Other Benefits Plan </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:40%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2019 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2018 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2017 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2019 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2018 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2017 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:40%; vertical-align:bottom; "> Weighted Average Assumptions: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:40%; vertical-align:bottom; "> Expected Return on Plan Assets </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 7.00 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 7.00 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 7.50 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 7.00 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 7.00 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 7.50 </td> <td style="width:1%; vertical-align:bottom; "> % </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:40%; vertical-align:bottom; "> Discount Rate for: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:40%; vertical-align:bottom; "> Benefit Obligation </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 3.12 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 4.15 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 3.53 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 3.12 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 4.15 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 3.53 </td> <td style="width:1%; vertical-align:bottom; "> % </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:40%; vertical-align:bottom; "> Benefit Cost </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 4.15 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 3.53 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 4.06 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 4.15 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 3.53 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 4.06 </td> <td style="width:1%; vertical-align:bottom; "> % </td> </tr> <tr class="even" style=""> <td style="width:40%; vertical-align:bottom; "> Compensation Increase for: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:40%; vertical-align:bottom; "> Benefit Obligation </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 3.00 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 3.00 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 3.00 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 3.00 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 3.00 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 3.00 </td> <td style="width:1%; vertical-align:bottom; "> % </td> </tr> <tr class="even" style=""> <td style="width:40%; vertical-align:bottom; "> Benefit Cost </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 3.00 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 3.00 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 3.00 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 3.00 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 3.00 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:8%; vertical-align:bottom; "> 3.00 </td> <td style="width:1%; vertical-align:bottom; "> % </td></tr></tbody> </table></div>

0.0700

0.0750

0.0700

0.0750

0.0312

0.0415

0.0353

0.0312

0.0415

0.0353

0.0415

0.0353

0.0406

0.0415

0.0353

0.0406

0.0300

0.080

0.010 0.010 0.005

A one-percentage point change in assumed healthcare cost trend rates would have the following effects on the Other Benefits Plan: <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="89.71631205673759%"> <thead> <tr class="odd" style=""> <td style="width:73%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="5" style="width:25%; vertical-align:bottom; "> (Thousands of Dollars) 1 Percentage Point </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:73%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Increase </td> <td style="width:3%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Decrease </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:73%; vertical-align:bottom; "> Effect on Current Year Service and Interest Costs </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 545 </td> <td style="width:3%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> (424 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> </tr> <tr class="even" style=""> <td style="width:73%; vertical-align:bottom; "> Effect on Projected Benefit Obligation </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 9,036 </td> <td style="width:3%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> (7,143 </td> <td style="width:1%; vertical-align:bottom; "> ) </td></tr></tbody> </table></div>

545000

424000

9036000

7143000

The following benefit payments, which reflect expected future service, are expected to be paid: <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="89.71631205673759%"> <thead> <tr class="odd" style=""> <td style="width:72%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:27%; vertical-align:bottom; "> (Thousands of Dollars) </td> </tr> <tr class="even" style=""> <td style="width:72%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Year </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Pension Plan </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:14%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Other Benefits Plan </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:72%; vertical-align:bottom; "> 2020 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 3,152 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:12%; vertical-align:bottom; "> 1,426 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:72%; vertical-align:bottom; "> 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 3,144 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:12%; vertical-align:bottom; "> 1,639 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:72%; vertical-align:bottom; "> 2022 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 3,309 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:12%; vertical-align:bottom; "> 1,916 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:72%; vertical-align:bottom; "> 2023 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 3,720 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:12%; vertical-align:bottom; "> 2,006 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:72%; vertical-align:bottom; "> 2024 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 4,652 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:12%; vertical-align:bottom; "> 2,089 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:72%; vertical-align:bottom; "> 2025-2029 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 26,501 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:12%; vertical-align:bottom; border-bottom:0.7pt solid; "> 11,652 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:72%; vertical-align:bottom; "> Totals </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double;"> 44,478 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> $ </td> <td style="width:12%; vertical-align:bottom; border-bottom:3px double;"> 20,728 </td> <td style="width:1%; vertical-align:bottom; "> </td></tr></tbody> </table></div>

3152000

1426000

3144000

1639000

3309000

1916000

3720000

2006000

4652000

2089000

26501000

11652000

44478000 20728000 The allocation of plan assets at December 31, 2019 and 2018 by asset category is as follows: <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="89.71631205673759%"> <thead> <tr class="odd" style=""> <td style="width:22%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="10" style="width:37%; vertical-align:bottom; "> Pension Plan </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="10" style="width:37%; vertical-align:bottom; "> Other Benefits Plan </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:22%; vertical-align:bottom; "> Asset Category </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2019 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2018 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Target </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2019 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2018 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:11%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Target </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:22%; vertical-align:bottom; "> Equity Securities </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 61.5 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 59.5 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 55 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 60.0 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 54.7 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 43 </td> <td style="width:1%; vertical-align:bottom; "> % </td> </tr> <tr class="even" style=""> <td style="width:22%; vertical-align:bottom; "> Debt Securities </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 36.5 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 36.5 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 38 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 33.0 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 37.3 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 50 </td> <td style="width:1%; vertical-align:bottom; "> % </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:22%; vertical-align:bottom; "> Cash </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 0.5 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 1.6 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 2 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 7.0 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 8.0 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 2 </td> <td style="width:1%; vertical-align:bottom; "> % </td> </tr> <tr class="even" style=""> <td style="width:22%; vertical-align:bottom; "> Real Estate/Commodities </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 1.5 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 2.4 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 5 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 0.0 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 0.0 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 5 </td> <td style="width:1%; vertical-align:bottom; "> % </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:22%; vertical-align:bottom; "> Total </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double;"> 100.0 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double;"> 100.0 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double;"> 100.0 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double;"> 100.0 </td> <td style="width:1%; vertical-align:bottom; "> % </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td></tr></tbody> </table></div>

0.615

0.595

0.55

0.600

0.547

0.43

0.365

0.38

0.330

0.373

0.50

0.005

0.016

0.02

0.070

0.080

0.02

0.015

0.024

0.05

0.000

0.05

1.000

1200000

The following tables present Middlesex’s Pension Plan assets measured and recorded at fair value within the fair value hierarchy: <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="89.71631205673759%"> <thead> <tr class="odd" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="15" style="width:51%; vertical-align:bottom; "> (Thousands of Dollars) </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="15" style="width:51%; vertical-align:bottom; "> As of December 31, 2019 </td> </tr> <tr class="odd" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Level 1 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Level 2 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Level 3 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Total </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:48%; vertical-align:bottom; "> Mutual Funds </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 69,565 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 69,565 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Money Market Funds </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 397 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 397 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:48%; vertical-align:bottom; "> Common Equity Securities </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 10,418 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 10,418 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Total Investments </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double;"> 80,380 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double;"> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double;"> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double;"> 80,380 </td> <td style="width:111%; vertical-align:bottom; "> </td> </tr> </tbody> </table> </div> <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="89.71631205673759%"> <thead> <tr class="odd" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="15" style="width:51%; vertical-align:bottom; "> (Thousands of Dollars) </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="15" style="width:51%; vertical-align:bottom; "> As of December 31, 2018 </td> </tr> <tr class="odd" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Level 1 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Level 2 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Level 3 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Total </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:48%; vertical-align:bottom; "> Mutual Funds </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 57,014 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 57,014 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Money Market Funds </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 1,074 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 1,074 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:48%; vertical-align:bottom; "> Common Equity Securities </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 8,683 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 8,683 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Total Investments </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double;"> 66,771 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double;"> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double;"> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double;"> 66,771 </td> <td style="width:111%; vertical-align:bottom; "> </td> </tr> </tbody> </table> </div> The following tables present Middlesex’s Other Benefits Plan assets measured and recorded at fair value within the fair value hierarchy: <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="89.71631205673759%"> <thead> <tr class="odd" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="15" style="width:51%; vertical-align:bottom; "> (Thousands of Dollars) </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="15" style="width:51%; vertical-align:bottom; "> As of December 31, 2019 </td> </tr> <tr class="odd" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Level 1 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Level 2 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Level 3 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Total </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:48%; vertical-align:bottom; "> Mutual Funds </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 24,361 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 24,361 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Money Market Funds </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 2,859 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 2,859 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:48%; vertical-align:bottom; "> Agency/US/State/Municipal Debt </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 13,393 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 13,393 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Total Investments </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double;"> 27,220 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double;"> 13,393 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double;"> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double;"> 40,613 </td> <td style="width:111%; vertical-align:bottom; "> </td> </tr> </tbody> </table> </div> <div> 61 <hr style="border-top:1.5pt solid #000000;"/> <div style="page-break-after: always;"/> <a href="#t001">Index</a> </div> <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="89.71631205673759%"> <thead> <tr class="odd" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="15" style="width:51%; vertical-align:bottom; "> (Thousands of Dollars) </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="15" style="width:51%; vertical-align:bottom; "> As of December 31, 2018 </td> </tr> <tr class="odd" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Level 1 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Level 2 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Level 3 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Total </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:48%; vertical-align:bottom; "> Mutual Funds </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 18,924 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 18,924 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Money Market Funds </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 2,769 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 2,769 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:48%; vertical-align:bottom; "> Agency/US/State/Municipal Debt </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 12,929 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 12,929 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Total Investments </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double;"> 21,693 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double;"> 12,929 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double;"> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double;"> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double;"> 34,622 </td> <td style="width:111%; vertical-align:bottom; "> </td></tr></tbody> </table></div>

69565000

397000

10418000

80380000

57014000

1074000

8683000

66771000

24361000

2859000

13393000

27220000

13393000

40613000

18924000

2769000

12929000

21693000

12929000

34622000

3700000

3400000

1000 1 0.50

0.06

7000 6000 6000

0.050

600000

500000

The following table presents information on the 2018 Restricted Stock Plan: <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="89.71631205673759%"> <thead> <tr class="odd" style=""> <td style="width:61%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Shares (thousands) </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Unearned Compensation (thousands) </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Weighted Average Grant Price </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; "> Balance, January 1, 2017 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 132 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 1,764 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> Granted </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 22 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 799 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 36.95 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; "> Vested </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (20 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> Forfeited </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (2 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (54 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; border-bottom:0.7pt solid; "> Amortization of Compensation Expense </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> — </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (724 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; border-bottom:0.7pt solid; "> Balance, December 31, 2017 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 132 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 1,785 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; "> Granted </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 22 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 827 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 36.53 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> Vested </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (27 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; "> Forfeited </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (2 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (18 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; border-bottom:0.7pt solid; "> Amortization of Compensation Expense </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> — </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (956 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; border-bottom:0.7pt solid; "> Balance, December 31, 2018 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 125 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 1,638 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> Granted </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 18 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 975 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 55.99 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; "> Vested </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (28 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> Forfeited </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (18 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> — </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; border-bottom:0.7pt solid; "> Amortization of Compensation Expense </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> — </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (907 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; border-bottom:0.7pt solid; "> Balance, December 31, 2019 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 97 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 1,706 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:111%; vertical-align:bottom; "> </td></tr></tbody> </table></div>

132000

1764000

22000

799000

36.95

20000

2000

-54000 -724000

132000

1785000

22000

827000

36.53

27000

2000

-18000 -956000

125000

1638000

18000

975000

55.99

28000

18000

-907000

97000

1706000

1700000

1300000

<div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="89.71631205673759%"> <thead> <tr class="odd" style=""> <td style="width:61%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="11" style="width:38%; vertical-align:bottom; "> (Thousands of Dollars) </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="11" style="width:38%; vertical-align:bottom; "> Years Ended December 31, </td> </tr> <tr class="odd" style=""> <td style="width:61%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Operations by Segments: </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2019 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2018 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2017 </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; "> Revenues: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> Regulated </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 123,078 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 121,901 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 115,454 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; "> Non – Regulated </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 12,177 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 16,778 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 15,912 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; border-bottom:0.7pt solid; "> Inter-segment Elimination </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (657 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (602 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (591 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; border-bottom:0.7pt solid; "> Consolidated Revenues </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 134,598 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 138,077 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 130,775 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; "> Operating Income: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> Regulated </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 31,805 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 34,127 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 35,130 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; border-bottom:0.7pt solid; "> Non – Regulated </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 3,715 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 3,015 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 2,668 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; border-bottom:0.7pt solid; "> Consolidated Operating Income </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 35,520 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 37,142 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 37,798 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> Depreciation: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; "> Regulated </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 16,481 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 14,846 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 13,732 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; border-bottom:0.7pt solid; "> Non – Regulated </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 235 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 191 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 190 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; border-bottom:0.7pt solid; "> Consolidated Depreciation </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 16,716 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 15,037 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 13,922 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; "> Other Income (Expense), Net: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> Regulated </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 3,018 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 3,284 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 2,020 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; "> Non – Regulated </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (253 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 119 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 64 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; border-bottom:0.7pt solid; "> Inter-segment Elimination </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (273 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (411 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (467 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; border-bottom:0.7pt solid; "> Consolidated Other Income (Expense), Net </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 2,492 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 2,992 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 1,617 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; "> Interest Charges: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> Regulated </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 7,456 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 7,060 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 5,855 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; "> Non – Regulated </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 81 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 109 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 118 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; border-bottom:0.7pt solid; "> Inter-segment Elimination </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (273 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (411 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (467 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; border-bottom:0.7pt solid; "> Consolidated Interest Charges </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 7,264 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 6,758 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 5,506 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; "> Income Taxes: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> Regulated </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> (4,317 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> (54 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 9,848 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; border-bottom:0.7pt solid; "> Non – Regulated </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 1,177 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 978 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 1,252 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; border-bottom:0.7pt solid; "> Consolidated Income Taxes </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> (3,140 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 924 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 11,100 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> Net Income: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; "> Regulated </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 31,602 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 30,405 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 21,447 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; border-bottom:0.7pt solid; "> Non – Regulated </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 2,286 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 2,047 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 1,362 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; border-bottom:0.7pt solid; "> Consolidated Net Income </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 33,888 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 32,452 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 22,809 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; "> Capital Expenditures: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; "> Regulated </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 88,858 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 71,493 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 50,078 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:61%; vertical-align:bottom; border-bottom:0.7pt solid; "> Non – Regulated </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 267 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 601 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 223 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> </tr> <tr class="even" style=""> <td style="width:61%; vertical-align:bottom; border-bottom:0.7pt solid; "> Total Capital Expenditures </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 89,125 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 72,094 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid; "> 50,301 </td> <td style="width:111%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td></tr></tbody> </table></div> <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="89.71631205673759%"> <thead> <tr class="odd" style=""> <td style="width:64%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="6" style="width:34%; vertical-align:bottom; "> (Thousands of Dollars) </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:64%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:17%; vertical-align:bottom; "> As of </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="2" style="width:16%; vertical-align:bottom; "> As of </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style=""> <td style="width:64%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:17%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> December 31, 2019 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="2" style="width:16%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> December 31, 2018 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:64%; vertical-align:bottom; "> Assets: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:17%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:17%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:64%; vertical-align:bottom; "> Regulated </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:15%; vertical-align:bottom; "> 910,081 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:15%; vertical-align:bottom; "> 764,749 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:64%; vertical-align:bottom; "> Non – Regulated </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:15%; vertical-align:bottom; "> 9,686 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:15%; vertical-align:bottom; "> 8,994 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:64%; vertical-align:bottom; border-bottom:0.7pt solid; "> Inter-segment Elimination </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:15%; vertical-align:bottom; border-bottom:0.7pt solid; "> (9,889 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:15%; vertical-align:bottom; border-bottom:0.7pt solid; "> (5,913 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> ) </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:64%; vertical-align:bottom; border-bottom:0.7pt solid; "> Consolidated Assets </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:15%; vertical-align:bottom; border-bottom:0.7pt solid; "> 909,878 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid; "> $ </td> <td style="width:15%; vertical-align:bottom; border-bottom:0.7pt solid; "> 767,830 </td> <td style="width:111%; vertical-align:bottom; border-bottom:0.7pt solid; "> </td></tr></tbody> </table></div>

123078000

121901000

115454000

12177000

16778000

15912000

-657000

-602000

-591000

134598000

138077000

130775000

31805000

34127000

35130000

3715000

3015000

2668000

35520000

37142000

37798000

16481000

14846000

13732000

235000

191000

190000

16716000

15037000

13922000

3018000

3284000

2020000

-253000

119000

64000

-273000

-411000

-467000

2492000

2992000

1617000

7456000

7060000

5855000

81000

109000

118000

-273000

-411000

-467000

7264000

6758000

5506000

-4317000

-54000

9848000

1177000

978000

1252000

-3140000

924000

11100000

31602000

30405000

21447000

2286000

2047000

1362000

33888000

32452000

22809000

88858000

71493000

50078000

267000

601000

223000

89125000

72094000

50301000

910081000

764749000

9686000

8994000

-9889000

-5913000

909878000

767830000

Financial information for each quarter of 2019 and 2018 is as follows: <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="100%"> <thead> <tr class="odd" style=""> <td style="width:35%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="19" style="width:64%; vertical-align:bottom; "> (Thousands of Dollars, Except per Share Data) </td> </tr> <tr class="even" style=""> <td style="width:35%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2019 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 1st </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2nd </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 3rd </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 4th </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Total </td> </tr> <tr class="odd" style=""> <td style="width:35%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:35%; vertical-align:bottom; "> Operating Revenues </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 30,698 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 33,393 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 37,769 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 32,738 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 134,598 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:35%; vertical-align:bottom; "> Operating Income </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 7,028 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 8,950 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 11,983 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 7,559 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 35,520 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:35%; vertical-align:bottom; "> Net Income </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 6,552 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 8,146 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 11,119 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 8,071 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 33,888 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:35%; vertical-align:bottom; "> Basic Earnings per Share </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 0.40 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 0.49 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 0.67 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 0.46 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 2.02 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:35%; vertical-align:bottom; "> Diluted Earnings per Share </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 0.39 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 0.49 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 0.67 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 0.46 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 2.01 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:35%; vertical-align:bottom; "> Common Dividend Per Share </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 0.2400 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 0.2400 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 0.2400 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 0.2563 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 0.9763 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:35%; vertical-align:bottom; "> High/Low Common Stock Price </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 60.48/$51.02 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 63.68/$52.51 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 66.10/$55.30 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 67.69/$58.75 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:100%; vertical-align:bottom; "> </td> </tr> </tbody> </table> </div> <div> <table cellpadding="0" style="border-collapse: collapse;margin: auto;" width="100%"> <thead> <tr class="odd" style=""> <td style="width:35%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2018 </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 1st </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 2nd </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 3rd </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> 4th </td> <td style="width:1%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; border-bottom-width:0.7pt; border-bottom-style:solid; vertical-align:bottom; "> Total </td> </tr> <tr class="even" style=""> <td style="width:35%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color: #cceeff; "> <td style="width:35%; vertical-align:bottom; "> Operating Revenues </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 31,177 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 34,919 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 38,713 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 33,268 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 138,077 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:35%; vertical-align:bottom; "> Operating Income </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 6,350 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 10,721 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 12,918 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 7,153 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 37,142 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:35%; vertical-align:bottom; "> Net Income </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 4,494 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 8,675 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 12,290 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 6,993 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 32,452 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:35%; vertical-align:bottom; "> Basic Earnings per Share </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 0.27 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 0.52 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 0.75 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 0.43 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 1.97 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:35%; vertical-align:bottom; "> Diluted Earnings per Share </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 0.27 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 0.52 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 0.74 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 0.43 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 1.96 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:35%; vertical-align:bottom; "> Common Dividend Per Share </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 0.2238 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 0.2238 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 0.2238 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 0.2400 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 0.9114 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color: #cceeff; "> <td style="width:35%; vertical-align:bottom; "> High/Low Common Stock Price </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 41.45/$33.96 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 45.24/$34.74 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 49.00/$41.77 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 60.31/$43.12 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:100%; vertical-align:bottom; "> </td></tr></tbody> </table></div>

30698000

33393000

37769000

32738000

134598000

7028000

8950000

11983000

7559000

35520000

6552000

8146000

11119000

8071000

33888000

0.40

0.49

0.67

0.46

2.02

0.39

0.49

0.67

0.46

2.01

0.2400

0.2563

60.48 51.02 63.68 52.51 66.10 55.30 67.69 58.75

31177000

34919000

38713000

33268000

138077000

6350000

10721000

12918000

7153000

37142000

4494000

8675000

12290000

6993000

32452000

0.27

0.52

0.75

0.43

1.97

0.27

0.52

0.74

0.43

1.96

0.2238

0.2400

41.45 33.96 45.24 34.74 49.00 41.77 60.31 43.12 Service cost is included in Operations and Maintenance expense on the consolidated statements of income; all other amounts are included in Other Income (Expense), net.